From other news, copper plunged nearly 4% today in what seems to be a large liquidation day. It dropped to six-week lows, and it looks like the long-term uptrend might be over for now.
Later today, the US PPI indices will be released, along with retail sales. The PPI inflation will most likely continue to rise higher, while retail sales are expected to decline in May.
Additionally, industrial production and capacity utilization data are due today.
Traders and investors will then focus on the upcoming FOMC decision. The meeting starts today, and the results will be known tomorrow at 8 PM CET. The Fed is largely expected not to change anything. Still, the wording of its statement will be closely watched if the central bank is starting to get ready to tighten its monetary policy amid soaring inflation.
In the FX market, the EURUSD pair was bid again and traded at around 1.2150, while the USDJPY remained flat and was trying to defend the 110 threshold.