After a turbulent 24 hours that saw the US Dollar and Yen get decimated as commodities made gains and risk trades came back in vogue, Asia saw calm waters and small ranges in the Dollar as it remained steady ahead of tomorrows FOMC. With all eyes on the US Federal Reserve meetings that began today and are expected to conclude tomorrow at 18:15GMT, traders took to the sideline in anticipation of what direction the Fed will take in the post meeting commentary. After the EUR/USD saw gains in tune of about 275 pips prior to the morning open, the pair meandered in a 40 pip range between 1.4103 and 1.4163 leading most to surmise that traders were done squaring up positions ahead of the big US data. GBP/USD rose slightly to post about a 25 pip gain at current levels near 1.6460, and the Aussie and Kiwi Dollars both pushed slightly higher versus the greenback. USD/CHF was in a stagnant range of less than 50 pips despite many ominous geopolitical events that are currently in the headlines.

The Yen suffered at the hands of poor export data which showed that exports declined 40.9% for May as compared to the same month last year, thus putting Japanese exports at levels not seen since World War II. USD/JPY took off from early session lows of 95.02 and as of this writing still looked strong at its 95.60 highs. The Yen crosses all made notable gains as well, with EUR/JPY moving a big figure from 133.68 to just over 134.70, and GBP/JPY leading the pack with a move from 156.14 to just over 157.50, representing an almost 1% gain. AUD/JPY and NZD/JPY also made moves higher, although both being less than a full handle. At this point its sake to say that tomorrow's FOMC meeting is the only show in town...

Upcoming Economic Data Releases (London Session) prior expected

6/24/20098:00EC ECB Euro-Zone Current Account SA APR -6.5B - -
6/24/20098:00EC Euro-Zone Current Account nsa APR -3.5B - -
6/24/200910:00UK U.K. CBI June Distributive Trades 27-Jun
6/24/200910:00SZ SNB's Roth Holds Speech in Geneva, Switzerland24-Jun