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Greenback Outperforms With FX Space In Pre-FOMC Waiting Mode

FOREX

The greenback ground higher ahead of today's monetary policy decision from the Fed, with G10 crosses treading water through the tight Asia-Pac session. The DXY failed to threaten yesterday's extremes, while e-minis & most regional equity benchmarks lost altitude.

  • AUD was the worst performer in G10 FX space as a degree of caution crept in. RBA Asst Gov Kent stuck to the familiar script, reaffirming some key aspects of the Reserve Bank's policy stance.
  • USD/JPY resumed gains after the recent formation of the "golden cross" pattern, despite today's expiry of $1.2bn worth of options with strikes at Y108.50-55. USD/JPY overnight ATM implied volatility rose to 13.29%, a level not seen since the U.S. presidential election.
  • The PBOC fixed its USD/CNY mid-point at CNY6.4978, virtually in line with sell side estimates. USD/CNH was rangebound.
  • Apart from the FOMC meeting, today's highlights include Canadian and final EZ CPIs, U.S. housing starts & building permits as well as comments from ECB's Elderson.
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