FX strategists at ING note that the Fed announces monetary policy today and they expect, in line with consensus, no changes in the policy stance, with both rates and QE set to be left unchanged. 

"Also, it is highly unlikely that the FOMC will tweak its lower-for-longer narrative."

"The market reaction will therefore be mostly driven by any signs that the Bank is shifting towards a more upbeat tone on the economic outlook on the back of vaccine developments and larger fiscal stimulus under the new administration (the IMF just upgraded its forecast for 2021 US growth to 5.1% from 3.1% in October). That may be enough to fuel some speculation of earlier-than-expected tapering, despite that we expect Chair Powell to keep the policy message firmly on the dovish side."

"Still, US yields may find some support and help the dollar (which is already pricing in Fed dovishness) recover from yesterday's grim session."