Quiet trading as markets await Fed meeting

USD/JPY was flat in the Asian session as markets await the Fed announcement and FOMC Chair Yellen’s press conference later today. Expectations are for the Fed removing the word “patient” from their statement. This risk event will likely cause volatility for all markets. USD/JPY traded in Asia in a tight range between 121.26-41.

EUR/JPY traded 121.26-41. The downside still looks vulnerable but this would depend on the FOMC outcome and broader sentiment on the euro. 126.91 was the spike low Friday. GBP/JPY traded 178.70-179.16.

EUR/USD also did little in Asia ahead of the Fed but remains relatively buoyed thanks to the broadly weaker dollar. The dip in US yields overnight still proved supportive. However, the bias remains mostly down whilst ECB QE and concerns over Greece weigh on the single currency. For now the market is choosing to wait out the Fed before acting and EUR/USD traded a very tight 1.0586-1.0613 rangeEUR/GBP traded 0.7179-89 and EUR/CHF 1.0657-68 and also going nowhere fast.

GBP/USD traded quietly in Asia between 1.4741-79. Key support remains around 1.4700, 1.4699 the trend low seen Friday. The key risk for the pound will be UK data today on unemployment and also the Bank of England minutes as well as the UK budget.

USD/CHF treaded water between 1.0051-64 in Asia in very thin trading.

AUD/USD opened in Asia at 0.7617 after tumbling to 0.7606 in New YorkA bounce ensued from 0.7613 to 0.7630.

NZD/USD closed lower in New York at 0.7307 following a weak Fonterra GDT auction outcome. Asia saw it confined to a tight 0.7300-20 range ahead of tonight’s FOMC policy announcement.

The post Quiet trading as markets await Fed meeting appeared first on Forex Circles.

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