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Ranges respected as markets stand pat ahead...>

FOREX
FOREX: Ranges respected as markets stand pat ahead of the Fed
- Economists and analysts are expecting an eventful Fed policy decision later
today, with expectations split between those that see action on yield curve
control and forward guidance as soon as today's decision. 
- Mimicking the price action seen yesterday, currencies are trading defensively,
leading CHF and JPY to trade a touch stronger against a weaker greenback.
Equities are pretty flat, but that's stopped AUD and NZD paring much of
yesterday's downside. The softer dollar keeps EUR/USD well within striking
distance of the recovery high and intraday bull trigger at $1.1384.
- Newsflow and tier 1 data out of Europe has been thin on the ground, leaving
liquidity and volumes pretty light in typical pre-Fed trade. Despite the
contained price action, front-end implied vols have been supported by the recent
risk-rally stuttering, with AUD/USD 1m contract nearing one-month highs.
- Outside of the FOMC decision and press conference, US CPI inflation data and
MBA mortgage applications are due as well as speeches from ECB's Knot and de
Guindos.

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