St Lous Federal Reserve Bank President James Bullard brought the dollar down with a speech downplaying the likelihood of a March rate increase. Fed Chair Janet Yellen a few minutes later provoked spike in the dollar with a comment that a rate adjustment was likely, until investors read her speech carefully. The Fed chair emphasized “gradual” rate hikes, and the dollar sagged.

Brazil and Mexico are the top performers at 2 pm among the major emerging market ETFs as the dollar weakened following the Fed Chair’s remarks.