Markets stand pat ahead of Fed, Brexit........>

FOREX: Markets stand pat ahead of Fed, Brexit developments

-Most currencies trade well within recent ranges so far Tuesday, with little

newsflow or catalyst for price action crossing within the past twelve hours. The

USD index trades slightly lower, but the 50-dma at 96.373 has provided some

modest support.

-AUD is the weakest currency in G10 so far Tuesday, but falls are somewhat

modest, as markets again turned their ire on the Australian housing market: data

released overnight showed house prices fell 2.4% in Q4 last year, putting more

pressure on the RBA to push back their tightening cycle further. AUD/USD is yet

to trouble the Monday lows, however, with bears failing to extend losses

materially below the $0.71 handle.

-GBP gained somewhat on the early release of Nov-Jan labour market report, which

showed the strongest 3m/3m employment change number going back to 2015. GBP/USD

rallied to touch $1.3284, but gains were largely erased post-release.

-Focus turns to US January factor orders and the final durable goods orders

release, the German ZEW survey and a speech from Riksbank's Skingsley.