European FX Tad Softer, All Eyes On Fed

The European segment of G10 FX bloc underperforms Asia-Pac peers at the margin amid uncertainty surrounding the impending escalation of Russia's invasion on Ukraine. Russian media are expected to broadcast an address from President Putin in morning Moscow hours after the State Duma passed legislation setting the stage for mobilisation measures, while Russian-backed authorities of occupied territories said they would hold annexation "referendums" this week.

• The Antipodeans trade on a firmer footing amid ongoing debate on RBA/RBNZ rate-hike trajectories. The AUD and NZD have drawn some further support from an uptick in e-mini futures, as sentiment has stabilised after a weak Wall Street session on Tuesday. AUD/NZD is virtually unchanged, sitting in the vicinity of seven-year highs printed yesterday.
• The yen is the next best performer after Japan's former FX czar told Bloomberg that the authorities can now intervene in currency markets at any moment and "it wouldn't have been a surprise if they'd intervened" last week.
• The announcement of the FOMC's monetary policy decision and the subsequent press conference with Fed Chair Powell will dominate today's data docket. Local risk events include speeches from RBA's Bullock & ECB's de Guindos.