The FOMC is widely expected to leave the fed funds target range at 0.0 percent to 0.25 percent, and this should remain the case throughout much of the year.

A breakout in the dollar still seems imminent.

Will we see a breakout next week?

The US dollar fell against most of the major currencies on Wednesday as the US Labor Department reported that their consumer price index (CPI) rose by only 0.1 percent in May, leaving the annual rate to plunge a whopping 1.3 percent.

The US dollar ended on a mixed note on Tuesday, losing out against the euro, Swiss franc, British pound, and Japanese yen while gaining versus the commodity dollars.

The US dollar was one of the biggest winners on a day when equities and FX carry trades took a beating, indicating that the greenback hasn’t lost its luster as a safe haven asset.

The US dollar was the strongest of the majors on Friday as the currency staged a solid rebound against the Canadian dollar, Swiss franc, British pound, euro, Japanese yen, and Australian dollar.

The US dollar was the weakest of the majors as increased risk appetite drove up demand for FX carry trades and US equities.

The US dollar was generally strong on Wednesday as Treasury prices plunged, sending yields higher.

The US dollar experienced sharp retracements on Tuesday, falling more than 1 percent against the majors.