FXStreet reports that strategist at TD Securities (TDS) offered a brief preview of Wednesday's key event risk, the FOMC monetary policy decision, due later during the U.S. session.

“January's FOMC meeting will be the main event on the US economic calendar on Wednesday. We expect changes to the FOMC statement to be fairly minor, consistent with no plans for policy changes anytime soon. The chairman will likely remain dovish on the policy outlook in his press conference even as he expresses some optimism about growth in the year ahead—with vaccines and fiscal stimulus ultimately contributing to strength.”