The United States Federal Reserve speakers weeks have delivered a hawkish tone overall, with three voting members this year (Harker, Evans and Brainard ) suggesting that three quarter-point hikes in rates over the course of 2017 was plausible. Fed Chair Yellen also spoke, although her comments were a little more balanced.

The Federal Reserve Governor Lael Brainard (a voter in 2017) said that based on recent spending indicators the Fed might expect progress to continue to be gradual and steady. She added that if fiscal policy changes lead to a more rapid elimination of slack, policy adjustment would likely be more rapid. She furthered said that given the recent improvement in unemployment and inflation and the possibility of increased fiscal stimulus, risks in the domestic economy are closer to being balanced than they have been for some time.

Moreover, Chicago Fed President Charles L. Evans said that the U.S. economy could experience a burst of 4 percent growth for a year, though did not see this as something that could likely be sustained, adding that it is not possible to just birth a large cohort of 25-year-olds (highlighting the impact of an aging population). Evans added that he saw current Fed expectations for 75 basis points of tightening as plausible.

Additionally, Philadelphia Fed President Patrick T. Harker (a voter in 2017) said that the labour market is strong and the US economy is creating jobs at a good pace, noting that inflation is moving back up to our 2 percent goal and growth is solid. Harker added that he sees three modest rate hikes as appropriate for 2017, assuming the economy stays on track.

On the other hand, San Francisco Fed President John Williams (2017 FOMC non-voter), speaking overnight in Sacramento, reiterated that he sees a good case for 3 rate hikes this year, though if the economy accelerates faster and inflation "really picks up", the Fed will have to do more. Fiscal policy prospects have raised upside risk, and may hasten a discussion of shrinking the balance sheet.

Earlier he said that the Fed is getting closer to its 2 percent inflation target and expects the jobless rate to bottom out around 4.5 percent. Cautions against growth overshooting trend of 1.5-1.75 percent by too much. These comments are similar to governor Brainard's earlier in the day, despite Williams generally being more hawkish.

Meanwhile, the S&P 500 Futures traded 0.50 points or 0.02 percent higher at 2,263.25 by 12:15GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained slightly bearish at -94.10 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex