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Major FX Pairs Rangebound On Fed Decision Day

FOREX

Major currency pairs held tight ranges in muted Asia-Pac trade, with Australia off for a national holiday. Regional headline flow was fairly lacklustre, providing some breathing space ahead of the Fed's monetary policy decision today. The DXY moved sideways in Asia, with the FOMC expected to set the scene for a rate hike in March.

  • The BoC will also deliver their monetary policy decision, but in the grand scheme of things, it will be understandably overshadowed by the Fed's announcement. The loonie led gains in G10 FX space amid potential for the BoC to hike rates today, even as crude oil futures showed some weakness.
  • The NZD underperformed at the margin ahead of the release of New Zealand's CPI data on Thursday. A former RBNZ official told MNI that the current rate-hike cycle may peak lower than the previous ones.
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