US CPI posted encouraging figures, acting as a release valve for the dollar and lingering concerns of accelerating price pressures. This is how major assets shape up pre-FOMC

The latest US CPI report missed all market forecasts and sent the US dollar index spinning lower. Later today, the FOMC meeting and economic projections.

UK growth flatlined in April, adding to the woes of yesterday’s concerning jobs data. GBP/USD will be data dependent today as markets await crucial US CPI and the FOMC forecasts

Today’s US inflation data for May and the latest FOMC policy decision, including the quarterly Summary of Economic Projections, will be the drivers of market price action over the coming weeks.