We now go into next week’s FOMC meeting on the back of a much stronger GDP print but still compelling evidence of disinflation. 

The tone from Fed Chair Jerome Powell is likely to remain cautious on near-term rate cuts being delivered but just like with the ECB on Thursday, a more favourable tone on inflation could be enough to keep alive expectations of a cut in March. 

The near-term US Dollar bias remains to the upside though and we look set to test and breach the year-to-date high in DXY recorded on Tuesday at 103.82.