** Top event risk for Tuesday's session will be the first policy testimony from Yellen as Fed Chair
** Forward guidance is the most likely target for change, and thereby should be trader's focus
** Risk trends (equities, yen crosses, etc) are perhaps even more exposed to the Testimony than USD
A relatively slow start to the trading week reflects the same conditions as the tentative EURUSD and AUDUSD breakouts this morning - expectation of something bigger ahead. Whether risk trend or dollar-based major, there is nervous regard for Tuesday's testimony by the new Fed Chairperson.