Talking Points:

• Amid a storm of event risk, the US 1Q GDP release (12:30 GMT) and FOMC decision (18:00) stand out

• This duo can substantially alter bearings on rate expectations for the dollar or risk trends for S&P 500

• Yet, the Pound's lack of response to the UK GDP release may signal market conditions are an obstacle

Watch both the US GDP release and FOMC rate decision live in the DailyFX Live Trading Room. Sign up for email reminders for the live events.

In a day that will be oversaturated for event risk, the ultimate catalysts for the FX and capital markets is likely to be the US 1Q GDP release and FOMC rate decision. These particular items are exceptionally important for setting market expectations for risk trends and Fed rate forecasts, but they are also the last major releases for the Wednesday trading session. Fear of volatility on the back of this ground swell could delay the response to earlier events - like the BoJ decision, Spain GDP and Eurozone CPI. In today's Strategy Video, we discuss what to expect from the event risk, the trading opportunities and what the GBPUSD may tell us about backdrop market conditions.

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