"Market participants at this point of time have discounted a 75bps rate hike but a 100bps rate hike could further strengthen the dollar against its major crosses," said Motilal Oswal Financial Services in a note to clients. "Recent inflation number suggests that the Fed could stick to a 75bps rate hike but cool-off in commodity prices from its recent highs could trim expectation of aggressive rate hike in the coming meeting."