The US dollar looks set to make a second straight monthly advance against the yen and euro as gains in stocks showed traders are cautiously optimistic the economy may not slide into recession after all.

“The idea that the Fed will continue to cut rates has been completely put to bed and the market is now flirting with the idea of a rate hike. That has given the dollar a boost,” said Alan Ruskin, head of international currency strategy at RBS Greenwich Capital Markets in Connecticut, in Bloomberg. More from that story:

Gold and oil both traded down about 2.5% overnight in New York. The Fed is meeting in Washington, D.C. We’ll know soon what, if anything, it plans to do. But does it really matter?