Calm ahead of FOMC risk

• USD/JPY off leg from post-Tokyo fix, more supply, from 123.63 to 123.33.
• Japan exporter month-end flows cited, offers towards 124, bids pre-123.00.
• Stops 123.85+, 124.00+ and sub-123.00, scattered option expiries on 123.
• EUR/JPY steady, 136.67-85, GBP/JPY heavy pre-193, 192.53-98.
• AUD/JPY off leg from 90.83 high early to 90.36, moving with NZD/JPY.
• NZD/JPY rush up from early 82.24 low to 83.25 before falling back sub-83.

• EUR/USD opens 1.1060 after paring of EUR longs vs commodity ccys o/n.
• Edge down to 1.1058 before drift up later to 1.1084.
• Activity light ahead of FOMC announcement tonight.
• Option-related bids 1.1000-30, sellers camped around 1.1100.

• Cable slightly better bid between 1.5604-18 in Asia, high o/n 1.5628.
• 1.5625 top of GBP/USD’s daily Ichi cloud, tenkan 1.5571, kijun 1.5566.
• Hourly tenkan at 1.5608, supportive.
• EUR/GBP slightly better bid too, 0.7089-98, low yesterday 0.7257.

• USD/CHF off touch from 0.9620 to 0.9603 before bouncing.
• Bounce from 200-HMA, now 0.9604, 100-HMA 0.9605, daily tenkan 0.9595.
• EUR/CHF still consolidating sub-1.07, Asia 1.0642-51, steady.

• AUD/USD opens Asia at 0.7333, traded up from 0.7325 to 0.7351 early.
• Move in line with NZD/USD rally after comments from RBNZ Gov Wheeler.
• AUD/USD move up later reversed, back to where it started.
• Offers in place at/above 0.7350, bids from around 0.7325.
• Near 4% (limit) gain on Dalian iron ore futures failed to resonate

• NZD/USD head-fake down to 0.6645 before rally to 0.6739 post-Wheeler.
• Off since, 0.6705 retracement low, support 0.6700+, resistance @0.6750.
• Some still seen caught short after early, recent volatility.
• Longer-term interest rate focus today but RBNZ ease this still eyed.
• Concerns too on commodities prices, fate of emerging markets.

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