The US dollar is slipping as the Fed begins its 2-day meeting

The dollar is slipping as the Fed begins its two-day meeting.

The US dollar index was down by about 0.1% at 97.04 at 7:41 a.m. ET after seeing some small gains earlier in the session.

The Federal Open Market Committee (FOMC) starts its meeting Tuesday. Markets are pricing in a 97.8% change the Fed will hike rates on Wednesday, according to Bloomberg data.

On the political side of things, US Attorney General Jeff Sessions is scheduled to testify before the Senate Intelligence Committee at 2:30 p.m. ET.

"[B]arring some bombshell, it is unlikely to move markets," Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said.

As for the rest of the world, here's the scoreboard as of 7:46 a.m. ET:

• The euro is little changed at 1.1216 against the dollar. Earlier, Germany's wholesale price index rose 3.1% year-over-year in May, missing expectations of up 3.6%. Separately, Spanish CPI rose by 1.9% year-over-year in May, in line with expectations.
• The British pound is up by 0.6% at 1.2729 against the dollar after data form the Office for National Statistics showed that consumer prices rose by 2.9% year-over-year in May, above expectations of up 2.7%.
• The Russian ruble is higher by 0.2% at 56.9234 per dollar as Brent crude oil, the international benchmark, is down by 0.2% at $48.20 per barrel.
• The Canadian dollar is up by 0.4% at 1.3273 per dollar.