With much of Europe on holiday today, we are not sure US data released before the FOMC will have much impact on markets. We note, however, the big divergence between soft confidence data and strong hard US data. For example, it is not clear whether a soft US manufacturing ISM will move markets much today. We are interested in today's job opening, JOLTS, data. Here, any sharp decline - and also a decline in the quit rate - would suggest that excess labour demand is abating. This could prove a dollar negative on another day - but for today we think the FOMC will dominate. DXY is now very close to this year's 106.52 high. And last October's high is barely a per cent away. The oft-cited phrase of the dollar being 'our currency, your problem' remains more apt than ever.