The major FX pairs are experiencing a.........>

FOREX: The major FX pairs are experiencing a rather limited pre-FOMC

Asia-Pacific session with USDJPY > 110.50 providing the most notable story.

- The major USD crosses have stuck to tight ranges, with the USD a tad higher

across the board in early Asia-Pacific dealing.

- A Fed hike later today is baked into markets, with attention set to fall on

the language deployed in the accompanying statement & the Fed's economic

projections.

- The main focus here will be whether or not the FOMC's median dot looks for 4

hikes in total during 2018 (including those already conducted), against the

current 3. It is worth noting only one FOMC member needs to up their forecast to

4 hikes for this to come to fruition. Elsewhere language re: the neutral

interest rate & the symmetrical nature of the Fed's inflation target will be

scrutinised, and Fedwatchers will also be on the lookout for a 20bp hike in the

IOER.