Currencies in ranges as all eyes are on Fed policy decision

18 September, 2013

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.

EURUSD held onto yesterday’s gains induced by strong German economic sentiment data and kept within a range of $1.3346 and $1.3363.

GBPUSD barely moved and remained at the key support level of $1.5900 and held above Friday’s close.

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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