The US dollar is broadly mixed. The main narrative of increased prospects for a Fed hike in June or July has been pushed off center stage as the market reacts to local developments as investors await from US economic data. Ostensibly, the data will determine whether the Fed raises rates in June or July.
On the other hand, despite the Fed's data dependency, we argue that the determining factor is the Fed's risk assessment. In particular, we accept at face value the official recognition of the risks posed by the UK referendum.