Steady Ahead Of Chinese Data, FOMC Decision

Most major FX pairs have been happy to hold fairly tight ranges thus far, as we await the imminent release of China's monthly economic activity indicators, before focus turns to FOMC monetary policy decision, due in U.S. hours.

• The kiwi has underperformed at the margin as New Zealand's quarterly BoP current account deficit expanded more than forecast in the three months through the end of September. RBNZ Gov Orr did not offer any fresh insights in his latest address, noting that the OCR will likely move above its neutral level at some point. The Treasury's HYEFU showed improvement in debt outlook, with the Debt Management Office slashing their bond issuance plans for the next four years.
• The DXY has extended its pullback from Tuesday's one-week high. The Fed are expected to shift in a hawkish direction today, which should be reflected in a faster asset purchase taper, a more aggressive rate dot lot and tweaks to the language.
• Inflation reports from the UK, France, Italy and Canada as well as U.S. retail sales & Empire M'fing will take focus once the Chinese data are out. BoC Gov Macklem will deliver a year-end speech.