Markets are in a bit of a reset ahead of the FOMC decision. Cable dropped earlier but it’s bounced back to trim most of today’s decline. Meanwhile, the Australian and New Zealand dollars have wiped out solid gains.
The only meaningful moves at the moment are in the struggling euro and Swiss franc.
Economic data isn’t going to be much of a driver for the US dollar ahead of the FOMC at 1800 GMT but it will keep things moving.
The first release of the day isn’t until the 1400 GMT new home sales report for August. The consensus is 630K, which is a 0.5% increase from July.
It’s also oil inventory day at 1430 GMT.
Thirty minutes after the FOMC, Powell holds a press conference.
The Fed isn’t the only central bank in focus. The RBNZ OCR decision is at 2100 GMT. Watch out for a dovish bias.