FXStreet (Bali) - According to BNP, even a dovish Fed may not damage USD today, amid a new easing trend by G7 Central Banks re-emerging again, which makes it looks like January 2015 all over again. Click here for a special in-house preview on FOMC rate decision titled: “FED's meeting: no gold pot at the end of the rainbow.” Key Quotes "We expect Wednesday’s FOMC statement to contain only modest dovish adjustments, with the Committee likely keen to leave open the possibility of delivering a hike in December if data improve." "Given light long USD positioning as signalled by BNP Paribas positioning analysis, the USD should ride out the dovish adjustments relatively unscathed." "Furthermore, monetary policy developments outside the US remain as important if not more important for near-term USD direction." "Speeches from ECB council members Praet, Visco, and Constâncio on Wednesday will be of note as they may echo the dovish signals sent by President Draghi last week." "Meanwhile, Japanese press are indicating that the central bank is likely to push back its expected date for reaching its inflation target in its semi-annual report." "With the market holding its longest JPY position since mid-2011 according to BNP Paribas positioning analysis, we think risk-reward is attractive for positioning for USDJPY upside heading into the meeting." For more information, read our latest forex news.