There's scarcely anybody in the market who expects an actual monetary policy move from today's Federal Open Market Committee meeting, but it's nonetheless the event of the day as participants will parse the chairman's words for clues on the chances of a fourth rate hike this year.

• Strong USD: EURUSD touches below 1.200, USDJPY near 110.00
• Cable is blasting through some key levels
• FOMC meeting tonight: comes as 2-yr yield at 2.50%, 10-yr almost 3%
• Some say FOMC may hike today, but most see 3 to 4 moves in 2018
• Market will scrutinise Fed for clues as to possibility of fourth hike
• US equities compressed into tight ranges which will soon be pressed
• Apple beats forecasts and launches a $100bn buyback programme
• iPhone Q2 shipments and revenue in line; Q3 revenue forecast is high
• Oil: Temporary focus on fundamentals with EIA report due
• Netanyahu oil surge was only temporary – information was old news