The FOMC delivered the expected 25bps hike,...>

FOREX: The FOMC delivered the expected 25bps hike, although the FOMC's median

proj. just about remained at 3 hikes in total for '18, while the proj. path of

hikes steepened further out. The statement noted that "the econ. outlook has

strengthened in recent months," showing an increased confidence in the econ.

Although Powell curtailed USD bulls by noting that there is no sense that we are

"on the cusp of an acceleration in inflation."

- The USD had already began to pull back as the 3 hike '18 median disappointed

markets, and the greenback continued to move lower in to the close.

- USDJPY now trades below 106, while cable is ~1.4150 & EURUSD is ~1.2350.

- The RBNZ stood pat as exp., playing down the recent dip in GDP growth, while

it noted that it expects inflation to weaken further in the near term, but does

expect CPI to trend higher over the medium term. NZD was contained following the

RBNZ decision after a post-FOMC rally which allowed the pair to cross back over

the 200-DMA., NZDUSD last trades at 0.7230, with AUDUSD also just off of best

levels. USDCAD was heavy, and now trades sub-1.2900.

- The main risk event in Asia-Pac will be the Aussie labour market report.