USD pairs are treading water ahead of the FOMC decision later today. No action is expected from the Fed but this meeting will be accompanied by a press conference and the "dot plot" of Fed forecasts for the Fed Funds rate. With few incentives for the Fed to be more hawkish at this stage, the expectation seems to be for policymakers to acknowledge some improvement in the economy since Q1 but highlight continued uncertainty and data dependence.
Spotlight on NZD has faded since the RBNZ decision to cut interest rates and with the FOMC meeting approaching it looks unlikely to be a major market focus. However, it worth highlighting that the pace of decline in milk prices has slowed.
The rest of the headlines are for Greece where - to be very brief - it appears that the possibility of Grexit approaches and more policymakers are using the "G-word" without too many issues.
2. Asia Equity & FX Roundup
Asian stocks traded lower with Shanghai down 1.2%, Hang Send +0.3% and Nikkei -0.4% while ASX was actually positive 1.1% despite Dalian Iron Ore en route for the largest decline in a month. ECB's Knot has stated that the ELA will continue until Greece defaults on it's payments.
FX treaded water ahead of big risk events today.
3. Calendar for today (CET time)
Actually busy calendar today, ahead of FOMC we have the BOE plus EU CPI.
Source: Investing.com
Good Luck!
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