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Talking Points:

• Following Monday's extreme inactivity from EURUSD, GBPUSD and USDJPY, this past session saw a jump

• A jump from the dollar however runs into an immediate wall with major US event risk ahead

• Could the combination of extremely low volatility levels and top event risk finally alter our course?

Expect breakouts? Use the DailyFX Breakout 2 strategy to signal or confirm setups!

Heading into major event risk, we typically see the markets enter tight trading ranges as participants await signal on volatility and direction. Yet, that wasn't the case this past session. The dollar marked notable bullish progress in most of its major pairings - including EURUSD, GBPUSD and USDJPY. Is this move a signal of the market's intentions for the greenback after the event risk? Does the event risk simply not matter? Is volatility so extreme that it will make its shift without a spark from the economic docket and headlines? We discuss the market's activity levels and the dollar's bearings ahead of the FOMC rate decision and US GDP release in today's Strategy Video.

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