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JGB TECHS

(M1) Bullish Focus

AUSSIE 10-YEAR TECHS

(M1) New Multi-Month Highs

USDCAD TECHS

Clearing Major Support

AUDUSD TECHS

Sizeable Resistance Building

EURJPY TECHS

Needle Still Points North

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Citi sees a "small probability" the FOMC will give more decisive guidance on tapering at the April FOMC, but "the much more likely scenario" is a tweaked statement and little change in Powell's tone.

  • "A hawkish surprise would be if the Fed acknowledged progress more prominently, paving the way to an advance warning of tapering asset purchases."
  • Statement: To reflect a cautiously more optimistic outlook.
  • Press conference: Powell to reiterate that the FOMC awaits more evidence that rehiring is continuing.
  • Future action: More formal guidance "well ahead" of tapering may emerge at/before the June FOMC.
  • Technical changes to IOER / ON RRP possible at this meeting, but base case is delay.