Consensus is not looking for any significant changes in the statement or the Fed's economic projections. If there is a risk, it lies in a less dovish/mildly Dollar positive outcome.

The Dollar still seems to be lagging the recent pick-up in US rates and even if the Fed did stick with three expected cuts this year, we doubt the Dollar would sell off for long. We really need to see the data turn lower for a noticeable Dollar bear trend to now emerge.

DXY to stay bid in a 103.50-104.00 range heading into the FOMC meeting.