Economic calendar: FOMC decision day

• European markets seen opening slightly lower

• FOMC decision and economic forecasts in the evening

• DOE report at 2:30 pm GMT

DAX futures are pointing to a slightly lower opening of the European session. Markets are in wait-and-see mode ahead of the FOMC decision scheduled for the evening (6:00 pm GMT). While US central bankers are expected to maintain dovish stance, investors want to see whether there will be any announcements of actions aimed at boosting yields. Keep in mind that today's decision will be accompanied by release of quarterly macroeconomic forecasts so traders should expect higher volatility than usual. Powell's press conference at 6:30 pm GMT will be a key as always.

Apart from the Fed meeting, there are no key market moving releases scheduled for today. European CPI data will be a revision while Canadian CPI data rarely has an impact on CAD market. DOE report may provide some volatility for oil traders.

9:00 am GMT - Poland, labour market report for February.

• Employment change. Expected: -1.9% YoY. Previous: -2% YoY

• Wage growth. Expected: 4.9% YoY. Previous: 4.8% YoY

10:00 am GMT - Euro area, CPI inflation for February (final).

• Headline. First release: 0.9% YoY

• Core. First release: 1.1% YoY

12:30 pm GMT - Canada, CPI inflation for February.Expected: 1.3% YoY. Previous: 1% YoY

12:30 pm GMT - US housing market data for February.

• Building permits. Expected: 1750k. Previous: 1886k

• Housing starts. Expected: 1560k. Previous: 1580k

2:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: +2.7 mb

• Distillate inventories. Expected: -3.5 mb

• Gasoline inventories. Expected: -3.1 mb

6:00 pm GMT - FOMC decision