Talking Points:

• There is a full docket of event risk Wednesday but the market will be fully focused on the FOMC

• No changes are expected from the Fed but the market will attempt to divine the Taper timeframe

EURUSD may be the most exposed major with a moderate temperament facing the Fed and Spain 3Q GDP

Sign up for John’s email distribution list, here.

There is plenty of event risk scheduled over the next 24 hours, but the market will be preoccupied by a single item: the FOMC rate decision. Given the dependency on stimulus to subsidize risk-taking and the market's propensity to speculate on the timing of the Fed's eventual exit from its moral hazard role, this event can cut to the fundamental bone. The assumption of indefinite support is exceptional for benchmarks like the S&P 500, which presents an extreme bias that could be hard to live up to. But the dollar may not carry the same level of certitude. We discuss this particular event's expected influence over the market with different pairs and assets presented for different scenarios in today's Trading Video.

Find help with your trades and trading strategy from DailyFX analysts with DailyFX on Demand.