The dollar is trading with a firmer bias ahead today ahead of the outcome of the FOMC meeting. Standing pat for two meetings was framed as a pause, but given the decline in price pressures, being unchanged for a third meeting is understood as the end of the historically aggressive tightening cycle. Fed Chair Powell is expected to express greater confidence that policy is sufficiently restrictive to bring inflation back to target. Trading after the FOMC meetings has been treacherous, with the markets often reversing initial moves. The rally in the S&P 500 to its best level since April 2022 failed to boost Asia ... (full story)