#FOMCMeeting

Traders and economists confidently expect the Fed to leave interest rates unchanged in the 4.25-4.50% range.

The Fed is likely to revise down its full-year GDP growth estimate from 1.7% to closer to 1.3% or 1.4% after a slow Q1.

A dovish surprise from the Fed – perhaps a hint that the door remains open to a July rate cut or a strong lean toward cutting in September (currently “only” 60% priced in) – could lead to a bullish breakout in EUR/USD.