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Currencies In Ranges As All Eyes Are On Fed Policy Decision

Currencies In Ranges As All Eyes Are On Fed Policy Decision

The Asian session on Wednesday was very quiet as investors were reluctant to take on fresh positions ahead of the outcome of the Federal Reserve policy review due later at 1800 GMT. Tapering is expected in some form and some analysts reckon the Fed will scale back on nits bond purchases by at least $10 billion a month from its current $85 billion a month. Anything above expectations will make the dollar surge higher, but of course anything below $10 billion will disappoint markets and weaken the dollar. The dollar is hovering at a three-week low against a basket of currencies, also trading lower against the euro and sterling and steady against the yen. Major G10 currency pairs were range-bound for the whole Asian session. The EUR/USD held onto yesterday’s gains induced by strong German economic sentiment data and kept within a range of $1.3346 and $1.3363. The GBP/USD barely moved and remained at the key support level of $1.5900 and held above Friday’s close. The USDJPY has been stuck in a range after filling the gap on Monday as a result of the news of Larry Summers withdrawing his bid for the Fed Chair. The pair traded between 99.10 and 99.32 yen in the Asian session today.

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