Trading today has been on the lackluster side as market participants await the FOMC.
The US dollar trade is crowded but — like with saw with the ECB — that might not mean a reversal is coming. For me, I think there's a good likelihood that the Fed offers a subtle hint that rate hikes aren't coming in June but mentioning lower inflation. Another USD-negative option would simply be to mention the US dollar as a potential headwind or negative factor for inflation.
A big level to watch might be 117.00 in USD/JPY there is some chatter about heavy stops below.
Check out our full FOMC preview for more.
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