JP Morgan on the USD outlook into this week's October FOMC meeting on Wednesday.

"We see USD-bullish risks around next week’s FOMC decision as the statement/presser could both lean hawkish in response to recent US data that has generally been stronger than expected, against rates pricing that has depriced significantly," JPM notes.

"Many FOMC members see above-target inflation as a temporary energy and tech shock, though some, like non-voter Goolsbee, worry the AI buildout could cause broader overheating, and there is a risk of dissents," JPM adds.