The dollar sits marginally softer to start the day with the euro moving up 0.3% to 1.0145 currently against the greenback. But that comes after a sharp drop yesterday as worries continue to mount for the single currency, with surging gas prices adding to the headache surrounding the economic outlook in the region.
Equity futures are also pulling higher with S&P 500 futures seen up 37 points, or 0.9%, at the moment - almost paring the drop from yesterday. It's all going to come down to the Fed so the early moves today don't mean much. But at least the mood has improved from the day before as we get towards European trading.
Looking ahead, we'll mostly likely be stuck in a pre-Fed lull and in any case, market moves during this time will lack any significant conviction until after the main event. The dollar is still holding its ground as key technical levels are intact and that defines the price action before the FOMC meeting later.
0600 GMT - Germany August GfK consumer sentiment
0645 GMT - France July consumer confidence
0800 GMT - Eurozone June M3 money supply
0800 GMT - Switzerland July Credit Suisse investor sentiment
1100 GMT - US MBA mortgage applications w.e. 22 July
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.