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FX markets risk-off on extended react to......>

FOREX
FOREX: FX markets risk-off on extended react to the Fed's dots
- Risk-off was the overriding theme through NY on extended react to the Fed's
dots (3 hikes planned in 2018, consensus among many was 4). A sharp fall in
equities saw Jpy crosses bare the brunt adding weight across the board.
- Usd/Jpy pressured on the move touched Y105.26, stalling just shy of the YTD
low at Y105.25. EUR and AUD touched pullback lows of $1.2286/$0.7687
respectively. Equites made steady progress (but still down +1%) adding to risk
which saw minor recoveries off the low.
- As expected the BoE left rates unchanged at 0.5%, but the 7-2 split deemed as
hawkish triggered renewed GBP demand through $1.4200 to $1.4219. The move
pressured Eur/Gbp to fresh 9-month lows of Gbp0.8668.
- However, with a May hike priced in (MNI Pinch 88%) traders faded the move. The
risk averse tone led by Gbp/Jpy was seen to weigh which saw a sharp reversal in
Gbp/Usd to $1.4076.
- Usd/Cad recovered off early March lows of C$1.2830 back through C$1.2900.
- Canadian CPI/Retail Sales, US Durable Goods/New Home Sales due tomorrow.
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