The big moves have occurred in the stock markets with index futures tumbling in overnight trading, before bouncing back slightly. The stock market losses have been triggered by the recent sharp falls in government bond prices, which have helped to push yields higher.
Chinese data shrugged off as equity markets edge slightly lower; sterling under pressure as pressure on May mounts; central banks event sees Fed, ECB, BoJ and BoE heads join panel discussion; German GDP and inflation data get us off to an underwhelming start.
Once the FOMC meeting and press conference are both out of the way, the near-term direction for the dollar should become clearer. For those who prefer to focus on something else, crude oil or a non-dollar FX pair would be a good place to start.