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Markets Respect the Range Pre-Fed

FOREX
  • G10 FX trades quietly, amid relatively muted ranges ahead of Wednesday's FOMC rate decision. The Fed are broadly expected to downshift to a 25bps rate hike today, with focus on any hints from the Fed chair on their views of the peak Fed Funds Rate. The USD Index is marginally lower on the day at typing, and is within range of the multi-month low printed in late January at 101.504.
  • Elsewhere, the NZD has slipped modestly on the back of a poorer-than-expected jobs release for Q4 - a release that's prompted a number of sell-side analysts to moderate their calls for imminent RBNZ tightening. NZD/USD remains within range of the 50-dma support at 0.6362 - a break below which would be the first since August of last year.
  • Outside of the Fed decision, final January PMI data from across Europe have drawn little attention ahead of the Eurozone CPI release for January - a much-watched figure due to the absence of the German input that was originally due Tuesday. Manufacturing ISM for January may see some interest, expected at 48.0.

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