USD Ticks Up From Earlier Lows, But Overall Ranges Contained

Earlier USD weakness has reversed course as the Asia Pac Wednesday session has progressed. Overall moves are muted though. The BBDXY got to a low of 1240.35, but we now sit unchanged versus end Tuesday levels in NY, last just above 1241.

• This comes ahead of the US FOMC decision later.
• In the cross asset space, US yields are mostly steady, down a touch at the front end. US equity futures are marginally higher (Eminis +0.13%).
• Yen gained early, but now sits at 145.50/55, slightly above NY closing levels. Earlier lows were at 145.19. The Tankan survey was, on balance, better than expected, but there was no follow through yen strength.
• AUD/USD sits marginally higher at 0.6560/65, while NZD is around flat, last near 0.6135.
• Headlines cross earlier from the Australian mid year fiscal update, but haven't impacted sentiment. The NZ current account was slightly wider than forecast, but again no meaningful market impact.
• There isn't much in the way of further event risks in today's Asia Pac session. In Australia we do get the CBA household spending indicator out later.