Michael Sneyd

The most likely is quite a balanced assessment, in which she says the U.S. economy is doing well, but acknowledges that the market hasn't taken this first rate hike too well and that this has led to a tightening of monetary conditions, it seems we're likely to remain in this regime where the dollar continues to lose ground against the euro and the yen.

Our base case is that they will remove `patience'. If we get that and a measured message on the dollar's impact on inflation then, given the slight retracement we have seen in the first half of this week, I think the dollar will do well.