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The fact that US activity data has improved modestly since the last meeting suggests this week's economic assessment should not change much. That should put the focus on any forward guidance the Fed provides on the June meeting-and there is some expectation that they could perhaps say something similar to the last statement where they noted "an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting."
With several members still suggesting June should be on the table, there is a low likelihood for this type of signalling, which points to the potential for some USD strength in the event.
We also get a good deal of US data releases, including Q1 GDP (Wednesday).
RBC Capital Market Says they are in line with consensus in calling for just 1.0%q/q ann. growth with nearly every component dragging except the consumer.
"however, we look for a strong rebound in Q2 that will continue through the rest of the year" added RBC Capital Market
