The American economy is expected to publish a number of significant reports today. With impacting housing data due at 15:00 GMT, there is a possibility of a build-up towards USD strength if the New Home Sales report can provide positive news for the US economy.
On the other hand, the most important event of the trading day is likely going to be the Federal Open Market Committee's (FOMC) Federal Funds Rate statement at 19:15 GMT. With Fed Chairman Ben Bernanke's recent re-confirmation there is an opportunity for Chairman Bernanke to return some market optimism with a renewed mission statement with this rate statement. Hawkish statements may give a boost to the USD in the minutes after the release.