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A largely range bound session in FX, which was anticipated ahead of this evening’s FOMC delivery. Notable is the bid tone in the USD as the market anticipates marginal tempering to the rate dot plot alongside a healthy analysis of the US economy as a whole. The usual suspects came under pressure against the greenback, and having taken out 1.4116 overnight, Cable was again targeted despite the (net) better than expected jobs report. However, the chancellor Osborne’s Budget was under close scrutiny, with GBP bears focusing on the OBR’s downward revision in 2016 growth, in to 2.0% from 2.2% previously. Cue another leg lower as spot descend through the 1.4000’s, but met with good support from 1.4050. A hawkish Fed required generate fresh momentum here. AUD and NZD also came under fire, with the former hit down to .7413 before recovering into consolidation mode. NZD/USD was back under .6600 to hit .6575, but support levels holding here also. Mixed trade in the CAD; news of Iran potentially joining the Apr 17 meeting giving Oil a lift, with better than expected Canadian manufacturing sales aiding spot around 1.3400. EUR/USD also lower on FOMC sentiment, but losses contained ahead of 1.1050 for now. USD/CHF at the highs of the day through .9900, but USD/JPY range bound in the upper 113.00’s as stock market impact in the balance.
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