• The index trades within a tight range just above 105.00.
• The FOMC meeting will take centre stage later in the session.
• The Fed is expected to keep rates unchanged on Wednesday.

The greenback attempts some consolidative move in the low 105.00s when measured by the USD Index (DXY) ahead of the opening bell in Euroland on Wednesday.

USD Index focused on the FOMC meeting

The index extends the side-lined trade above the 105.00 hurdle amidst scarce volatility and the usual pre-FOMC lull midweek.

That said, further range bound remains well on the cards in the next hours ahead of the key FOMC event due in the European evening.

Regarding the latter point, investors generally agree that the Federal Reserve will maintain its current interest rate. However, the focus is expected to shift to the central bank's forward guidance during Powell's press conference.

In the US data space, usual weekly Mortgage Applications tracked by MBA are also due later in the session