USD likely to continue its upward trajectory

The FOMC statement should not present material changes, but risks are tilted towards a more optimistic rhetoric as recent economic data have improved and near-term risks regarding Greece have receded.

The Employment Cost Index should shed some light regarding wage pressure, as it is one of the measures that better correlates with core inflation. On top of this, the first estimate of the Q2 GDP is expected to confirm that Q1 weakness was influenced by transitory factors. 

"3.0% q/q growth is anticipated with consumer spending advancing at a 2.7% rate", says Barclays. 

This suggests that the USD will likely continue with its upward trajectory, having an additional support from soft commodity prices and a slowing China.