Rate hike bets as represented by CME data dropped ahead of Federal Reserve President Yellen’s speech later today. Markets expect Yellen to sound cautiously hawkish, but overall back her colleagues who have been all over the wires since last week with their hawkish comments. Rate hike bets drop Fed funds futures imply traders see 59 pct chance of FED hiking rates in September, down from 63 pct Monday. Fed funds futures imply traders see 49 pct chance of FED hiking rates in July, down from 51 pct Monday. For more information, read our latest forex news.