European session: the market continue to consolidate ahead FOMC meeting. [E]

Next data issued:
06:00 DE Import prices (May) 0.2% 1.3%
06:00 DE Import prices (May) y/y 7.5% 6.9%
06:00 DE Import prices excluding oil (May) y/y 4.2% 3.8%
07:30 IT Business confidence (June) 98.9 97.0
08:00 DE IFO business climate index (June) 106.8 105.6

European session on Tuesday brought euro to a record against the yen and showed a three-day high versus the dollar after issued data showed German business confidence reached its strongest since 1991 this month.
The currency also advanced earlier as ECB council member Nicholas Garganas joined ECB officials signaling possible interest rates move up on 50 b.p. in the euro region in a light of monetary policy tightening. A similar survey of sentiment in Italy rose to its highest since December 2000. Such growth was prompted by sentiment improvement on short-term orders and manufactures
The same time EUR advantages versus the dollar were limited before FOMC meeting this week.
If it will happens the situation will aggravate and the market with focus attentively on economic data of both regions. However till June, 29th the market will await, and currencies wont overflow the former ranges.

EUR/USD during trades decreased and reached the intermediate support $1.2560. Before the American session the rate was stabilized in the given area.
GBP/USD after consolidation in a range $1.8210/40 has dropped in area $1.8190. After that the rate was stabilized near session lows.
USD/JPY rose from Y115.86 to Y116.60/70. Later consolidation in a range Y116.35/50 followed.

US Consumer Confidence is awaited for today. Analytics expect data drop. However, it is less likely data to become a great cause for bearish sentiment on USD. The trade will flow in former ranges.