Ranges respected ahead of FOMC -The...........>

FOREX: Ranges respected ahead of FOMC

-The Asia-Pac session was a muted affair, with most majors sitting well within

recent ranges as traders sit on the sidelines ahead of today's Fed rate

decision, at which markets anticipate the third consecutive rate cut from Powell

and the committee. The greenback remains sandwiched between the 200- and

100-dmas, with focus turning to the outlook for further policy adjustments in

the face of expected economic weakness in the new year.

-Australian CPI was inline with expectations (0.5% Q/Q, 1.7% Y/Y), doing little

to deter the recent bounce and GBP/USD holds recent gains following the

confirmation of a December 12th General Election in the UK. Scandis sit at the

bottom of the pile, extending the weakness seen (particularly in NOK) Tuesday.

CHF is modestly firmer, but no major breakout just yet.

-Outside of the Fed decision, the Bank of Canada is seen keeping rates

unchanged. US ADP employment change and advance GDP for Q3 is also on the

docket. Outgoing ECB member Lautenschlaeger is due to speak as well as the

regular post-decision press conference from Powell.