- The USD pares light gains post FOMC, DXY....>

FOREX: - The USD pares light gains post FOMC, DXY touches YTD highs of 92.71,

Gold trades under the 200-dma.

- As expected the FOMC held the funds rate steady at 1.50% to 1.75% on 8-0 vote.

In the statement that followed a minor tweak said inflation on a 12-month basis

is expected to run near the Committee's symmetric 2% objective over the medium

term. This implied inflation could be allowed to run slightly above 2%.

- Usd/Jpy earlier took out the reported Y110.00 barrier, before paring light

gains on the FOMC 'symmetric' language.

- Having closed below the 200-dma yesterday, Eur/Usd continued its downward

trend to $1.1953 but soon recovered above $1.20 post Fed. 

- Despite stronger-than-expected UK Construction PMI (52.5 vs median 50.5), data

is still pointing towards sector weakness as historically growth in official q/q

construction output has only been consistent with a headline index value above

the 53.0 mark. Gbp/Usd squeezed to extended react highs of $1.3666, but as the

stronger USD played out dipped back under $1.36.

- Amid the stronger USD theme EMFX struggled, particularly Brl, Zar and Pln.