Analysts at Rabobank explained that today is all about the Fed and when/if we start to see the protection that it has offered pulled back a little further.
"If so, it’s EMs that will be at the front of the line for volatility once again. The expectation today is of course that we get another 25bp rate hike. However, it will be the dot plot and Fed comments that will be of most significance: how many more hikes are we going to see pencilled in for this year, and for 2019?
Before that action we get a warm-up in the form of UK CPI (seen 2.3% y-o-y headline and 2.1% core) and US PPI (seen 0.3% m-o-m and 2.8% y-o-y for final demand)."
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