With no key distractions ahead of Yellen’s testimony tomorrow, markets are taking the path of least resistance. For equities, this still appears to be lower, with European equities down yesterday for the sixth consecutive session (looking at the Eurostoxx 50 index), with this being biggest down-move since the first trading day of 2016. The outlook for the global economy remains too uncertain, with the growth dynamics in the US also moderating, whilst the QE being undertaken by the ECB not seen as anything like sufficient to act as a counter-weight to these external forces. As we mentioned yesterday, for FX this has resulted in a change of direction. It’s not about the dollar and the impending rate increases from the Fed this year. After some wobbling, yesterday turned out to be about risk and more pointedly, risk aversion. This could be seen in the further strength seen in the yen, together with weakness in sterling. Having initially joined in the weakening against the dollar, the euro found some buyers in the European afternoon session, putting further weight onto the view that it’s more of a safe haven than funding currency in the current environment. Fort today, we are seeing a steady to slightly firmer tone to equities at the start of the session, but the turn-around is currently tentative at best. The Japanese 10Y government bond is now displaying a negative yield for the first time ever, whilst the yen has seen a volatile session. USDJPY was initially lower, although some of this strength has been erased for the start of the European session. The data calendar is relatively light, with just UK trade data at 09:30 GMT, leaving markets at the back and call of wider sentiment and clinging onto the weak hope that Yellen may somehow offer some support at her testimony tomorrow. Further reading: USD: History Repeats Itself So Elegantly – Deutsche Bank Doom and gloom – the comeback – Live Market Open from 8:00 GMT FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next GBP/USD: Trading the British Manufacturing Feb 2016 Kenny Fisher 7 years With no key distractions ahead of Yellen's testimony tomorrow, markets are taking the path of least resistance. For equities, this still appears to be lower, with European equities down yesterday for the sixth consecutive session (looking at the Eurostoxx 50 index), with this being biggest down-move since the first trading day of 2016. The outlook for the global economy remains too uncertain, with the growth dynamics in the US also moderating, whilst the QE being undertaken by the ECB not seen as anything like sufficient to act as a counter-weight to these external forces. As we mentioned yesterday, for FX… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.