USD review

Western Union notes: 

The dollar drifted lower with many expecting the Fed to affirm what's at least partially baked into the value of the buck: higher interest rates are coming if the economy can stick to an improving path. 

The dollar would stand to gain if the Fed sounds more hawkish on the outlook and puts more firmly on the table the chance of an imminent rate hike. The dollar could weaken though if the Fed should stress that it would move gradually to boost rates, given the economy's still delicate shape after contracting in Q1. 

The Fed will have four more meetings this year after today with the next set for July 28-29.