There’s not much to really contemplate when looking at markets at the moment as all eyes are on the Fed decision later today. As mentioned earlier, the first thing traders are going to look for will be the rate decision (75 bps or 100 bps) but the main takeaway is more than likely going to be how the Fed positions its views on the economy and balances that out against their resolve to beat inflation.

For now, dollar bulls are not showing much interest but they have been defending key levels on the charts over the past few days. EUR/USD looks to be consolidating a little above 1.0100 and is holding around 1.0140 currently, though any major upside push remains stifled by the 50.0 Fib retracement level at 1.0283