💵Dollar Trades Inside Range Heading Into FOMC: Cable FX Macro

• The Cable FX Macro Dollar Index is trading inside a range as we head into the FOMC meeting on Wednesday. Despite the recent pullback, the greenback holds January gains as it leads the G10

• Sterling and the loonie outperform the group, the former is 0.3% down vs the USD MTD. The yen and antipodes bottom the group, USD/JPY is recording gains of 4.4% in January

• Despite the monthly outperformance in the dollar vs peers, the <.RDDXY> has not pared all of December losses

• The FOMC meeting and Friday’s job report will bring colour to markets and direction to the dollar