USD has seen choppy price action after the FOMC meeting last week, and markets are having a hard time figuring out which way it will go next, says Saxo Bank’s John Hardy. He says fresh inflation data out in the US on March 24 should provide markets - and traders - a better sense of direction.

US CPI data has gained significance after the US Fed last week highlighted the importance of inflation, when considering when to raise interest rates. John Hardy believes that the dollar could strengthen on the back of the inflation data, depending which way it surprises. This could provide opportunities to trade USD against GBP, EUR and AUD, says John Hardy.