Major currencies are mainly struggling for direction
The dollar is a little subdued to start the day as markets are slowly turning their attention towards the FOMC meeting tomorrow. Expectations are for the Fed to stick to their 'patient' rhetoric but maybe err slightly towards the dovish side and lower their dot plots projections. That said, the greenback's weakness so far isn't anything overwhelming as major currencies are also looking directionless so far today.
The yen is holding firmer as Asian equities have been more cautious while Treasury yields are a little lower currently. Other than that, price range remains rather muted as traders are awaiting further developments in the coming session.
The aussie is also a tad softer as yields come back into focus again, with 3-year bond yields falling below the RBA's cash rate for the first time since 2016.
Looking ahead, risk sentiment is likely to offer little to traders as European equities are expected to be muted as we begin the morning. The economic calendar also offers little of note on the day so expect trading sentiment to be driven by the ebb and flow as well as focus on the FOMC meeting tomorrow.
