The dollar has been trading softer into the FOMC announcement. EUR-USD rallied by just over 50 pips from the intraday low in posting a high at 1.1882, nearing yesterday’s six-day peak. Dollar weakness has been facilitated by relatively strong gains (0.5%, give or take) in Cable and AUD-USD. Regarding the FOMC, no changes are expected in policy, and while the central bank will likely present upward revisions to U.S. economic projections, the recently codified lower-for-longer monetary policy regime is driving a bearish dollar sentiment.

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