More strong US economic data this week, with Thursday bringing an unexpectedly strong revision:
The current Fed Funds target rate is 5 - 5.25%, though probably not for much longer according to the CME FedWatch Tool. 30-Day Fed Funds futures pricing data implies, with a near 90% probability, a move up to 5.25-5.5%:
![cme fed watch July meeting probaility](https://images.forexlive.com/images/cme%20fed%20watch%20July%20meeting%20probaility_id_f8450516-7699-41a3-a9e7-4afd861b4d45_size900.jpg)