The US dollar remains on top ahead of today’s FOMC meeting where the Fed are expected to increase rates to 2.00%. The dollar has been accumulating steadily in the lead up to today, but the key, as ever will be the Fed’s forward projections beyond today.
The dollar pairs remain on the back foot, with most pairs dipping steadily over the last week. Meanwhile, the USD/CAD and USD/CHF continue to climb.
The euro is slightly out-performing the pound so far this morning, with the EUR/GBP rising after dipping yesterday.
The USD/JPY continues to gain, with the May highs now in sight of a day’s session. Other dollar pairs are on the rise, but from a low base.
Today we have UK CPI at 09.30, release alongside HPI and RPI
At 13.30, we have US PPI.
Crude oil inventories are at 15.30.
The FOMC announcement is at 19.00, with the press conference following at 19.30.
The USD/JPY has been gathering strong momentum, with a pop above the May highs a likely target.