The Greenback rather traded lower ahead of today’s FOMC’s announcement. It is the first meeting this year. At the previous meeting the Fed’s forecast showed that it was looking at hiking rates 3 times this year. On the other hand we have the US President Donald Trump calling for the devaluation of the dollar which supports the recent negative dollar sentiment. With Yellen not speaking later on, any hawkish FOMC statement could drive the greenback up, though an unchanged statement and hints of greater concern could continue to support the current negative sentiment market participants have.
Apart from today’s FOMC’s monetary announcement, we also have top tier data coming from the US.
A predicted result(>50), which is also better than the previous, will signal bullishness in the dollar.
– ADP Employment change