The FX market has been very quiet this morning, with the majors in 20 pip ranges.
We may see some volatility in the Asian currencies, which have been very heavily sold over the last two days. Overseas investors sold down their bond portfolios and this caused some panic buying in pairs like USD/IDR etc. The moves overnight by the major central banks to alleviate USD funding issues, will probably lead to a rally in the Asian currencies and this might give the USD an offered tone against the majors.
