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AUD/USD
Overnight, AUD was under selling pressure as it broke below the 0.8200 handle after tripping stops and barriers around the level falling to its lowest level since 30th June 2010 at 0.8140, while the Australia 10yr bond yield fell to its lowest since July 2012. The move was also exacerbated by the resurgence of the USD with the market expecting the FOMC to drop their ‘considerable time’ phrase. However, in the European session, AUD/USD has since rebounded narrowing its initial losses on the day with the USD-index pulling off intraday highs. Furthermore, the reports surfaced suggesting that the PBoC may loosen capital restrictions on brokerages with money market rates notably higher amid a liquidity shortage further stoking expectations of PBoC intervention which will benefit the AUD as China is Australia’s largest trading partner.
USD/RUB
USD/RUB has pulled off yesterday’s record highs of 79.16 following the seemingly failed rate hike by the Bank of Russia and has seen some downside in today’s session. Despite opening weaker against the USD, The pair took two separate legs lower in early European trade with some analysts attributing the moves to further Central Bank intervention. With this move followed comments by the Russian Finance Ministry saying they have started selling its FX on market, adding they are ready to sell around USD 7bln worth of FX. However the move to downside for the pair failed to be sustained. Thereafter, the pair held steady following comments from the Russian Central Bank announcing that they have prepared measures for the sliding RUB as well as asserting they will continue to take measures to support financial stability.
EUR/USD
In today’s session, EUR/USD has trended downward as USD strength dictating much of the pairs due to market participants squaring their position ahead of the FOMC rate decision and the USD-index also bouncing back from yesterday’s losses. From a data perspective, Eurozone inflation came in line with expectations. However, US CPI M/M printed its largest decline since Dec 2008 as inflation fell -0.3% vs. Exp. -0.1% which subsequently saw EUR/USD pull off its lows, albeit still residing in negative territory with all eyes now on the FOMC rate decision. In terms of expectations for the event, ahead of which analysts appear split on whether the Fed will drop the ‘considerable time’ phrase but most suggest they will remove the phrase and emphasize that they will be patient when the time finally comes to hiking rates.
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