Markets To Watch Today

There were no major FX reversals today and the Dollar remained under pressure throughout the day. Other majors made small additional gains against the greenback, especially the Canadian Dollar (see above). The key event for the week is tomorrow's Fed meeting. Expect another another .25% rise and an eagerly awaited statement. With a high degree of uncertainty hanging over the Fed's next action, any clues about their plans for June could initiate some FX volatility in the afternoon.
After the Fed meeting, the next major hurdle for the Dollar will be Friday's treasury capital inflow data, which is expected at $68b.