Decisive for the Fed will be insights into inflation developments and the labour market. I can therefore imagine that the data published over the past weeks has already produced a ‘big picture’ for many FOMC members, which is not likely to be completely shaken by the data on the agenda for today, but will at best be adjusted slightly.

Today’s US data might be sufficient for a few pips, but it is unlikely to cause major adjustments in the Dollar – if any at all.