The market doesn’t expect a Fed hike but the dot-plot, which currently suggests there will be one more this year before a steady fall, thereafter, could see cuts pushed further out, while the tone of the statement is certain to be hawkish, as the FOMC reinforces the ‘higher for longer’ message. 

Higher Oil prices and decreased pessimism about China can support AUD and CAD for now, but the Euro, and even more, the Pound, still look vulnerable.