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All eyes are on the FOMC

FOREX
  • A mixed start for the USD, with the currency paring some of its overnight gains during the European start.
  • The Dollar trades in the red against all G10s, with DXY unwinding some of the gains, after the index reached its highest level since 2002 last week.
  • Nonetheless, ranges have been fairly limited, with the street waiting on the FOMC and presser later today.
  • Best performer is the AUD, after the overnight retails sales beat, but upside momentum have lacked traction.
  • The CAD also trade on the front foot, helped by the rally in Oil, after comment from EC VDL, that the EU proposed to ban Russian crude oil over the next six months and refined fuels by the end of the year.
  • A fix trade at 09.00BST has helped Cable back above 1.2500, but most of the price action has been more a function of the Dollar.
  • Looking ahead, US ADP is scheduled, but very little correlation for the NFP on Friday.
  • Other data include the US ISM services and Services PMI, but final reading for the latter.
  • For earnings, Moderna, Marathon Oil corp, and after markets, EBay.
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