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Yesterday, the day of Yellen, investors decreased April’s Fed rate hike probability to 4.6% from 11.5% on previous day.

While, investors decreased 2016’s Fed rate hike probability at least 1 time to 65% from 75.3% on previous day according to CME Group FedWatch.

The yuan strengthened to a weekly high on Wednesday morning, as the US dollar dropped against major currencies following Federal Reserve chair Janet Yellen’s dovish speech hinting at a slow pace of interest rate hike.

The People’s Bank of China set the yuan mid price at the strongest level in five days, at 6.4841 to the US dollar, 0.34 per cent higher than the previous day.

The onshore yuan in Shanghai once jumped to 6.4846, the strongest level since March 22. It was last trading at 6.4849 – 0.33 per cent, or 214 basis points, stronger. In Hong Kong, the offshore yuan extended a three-day rally on Wednesday to 6.4893, 0.04 per cent, or 25 basis points, stronger.

Euro and yen appreciated against the US dollar. The euro rose 5 basis points, or 0.04 per cent, higher to US$1.1294. The yen surged to its strongest level since March 24, at 112.44 per dollar.

Oil prices rebound on less than expected build in stocks

A report by industry group the American Petroleum Institute late Tuesday said U.S. crude stocks likely rose last week by 2.6 million barrels to 534.4 million barrels, which would be a new record high for a seventh straight week, but less than analysts' expectations of a 3.3 million barrel build.

The EIA is due to release official crude inventory data later on Wednesday.

Brent futures LCOc1 climbed 49 cents to $39.63 a barrel as of 0712 GMT after settling down $1.13 in the previous session.

U.S. crude CLc1 rose 61 cents to $38.89 a barrel after ending the previous session down $1.11

Reference: Reuters, CME Group’s FedWatch Tool, South China Morning Post