Separate economic data points on Tuesday left a wildly different impression of the US economy as we count down to the FOMC. The euro snapped back on short covering and was the top performer while USD lagged. The Australian dollar was also an underperformer ahead of a critical CPI report. 1 of 2 Premium AUDJPY trades from last night has been filled and is in the money, while both NZDCAD remain in progress.
The Fed is highly unlikely to remove a commitment to be patient before raising rates in its decision on Wednesday. Policymakers are looking for clarity on the economy but the picture is growing murkier. Nevermind the divergence between the US and other economies, it's impossible to get a clear idea of the domestic economy.