Themes

• General mood is “risk off”
• Tight ranges on currencies amid a lack of incentives
• Eyes on FOMC meeting later this week

What’s Moving

Currency markets were broadly quiet in Asia today, with most of the majors holding within Friday’s ranges ahead of Wednesday night’s FOMC meeting.

The exceptions to this were the AUD/USD, which opened slightly lower and the USD/CAD, which opened slightly higher, but the range extensions were very short lived.

Tonight doesn’t look any more interesting, with data seeing Flash Services and Manufacturing PMI from France, Germay, The Euro-zone, the U.K. and the U.S. This isn’t market moving data in the best of times.

Short-term direction will be based on the movement on U.S. equities, which are coming off the back of a three-day losing streak. Fiat markets may also start to watch Bitcoin, which has already retraced nearly 50% from its all time high.