FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, suggests that the FOMC statement will be the highlight of the day and since it will be released at 3 a.m tomorrow morning in this time zone there’s a fair amount of waiting around to do first. Key Quotes “The statement is bound to reflect the softer economic data, tighter financial conditions, global environment and the 2% gain in the dollar’s trade-weighted index since the last meeting. However, the assessment of the inflation and labour market outlook probably hasn’t changed and our US economics team haven’t thrown in the towel on the idea of a March rate hike, even if the market has. How does a slightly dovish statement, thrown at a market expecting dovishness and buffeted around by news from China and by the oil price, affect FX? Not enormously, but given a 20-odd basis point drop in 1-year forward rate expectations since the last FOMC, I guess the market is now about as skewed towards the dovish side as it can get. So my bias is to stick with a bullish dollar bias at the margin.” For more information, read our latest forex news.