The USD struggled for clear direction in......>

FOREX: The USD struggled for clear direction in the wake of the FOMC MonPol

decision. Markets initially seemed to focus on the Fed deleting the forward

guidance that noted that the FFR "is likely to remain, for some time, below

levels that are expected to prevail in the longer run" with no replacement or

'dovish' offset. Fed chair Powell also confirmed reports that the Fed will hold

press conferences after every rate decision from January '19. Chair Powell also

conceded that the Fed will be in the "neutral zone relatively soon," while the

FOMC is being very careful "not to tighten too quickly." This, as well as

questions re: US-China trade relations and the impending US decision on tariffs

crimped USD demand, with the greenback unwinding most of its initial gains.

- Overnight, a soft AU labour market report weighed on the AUD, with soft

Chinese activity data adding additional pressure. Elsewhere USDJPY's hourly

support at 110.10 held, as JPY shrugged off the latest tweak to the BoJ's Rinban

ops. The remaining majors stuck to a tight range.

- ECB MonPol decision, UK retail sales & a potential US decision on China

tariffs headline today.