USD/JPY is down 0.2% to 139.90 at the moment while AUD/USD is up 0.3% to 0.6785 as we get the session underway. But those two are the only standouts, even calling that is a bit of a stretch, as other major currencies are rather subdued for now.
There is a slight improvement in the equities space, with S&P 500 futures now up 8 points, or 0.2%, but it's still relatively early in the day to be making calls right now. In the bond market, 10-year Treasury yields are down 4 bps to 3.798% so that is perhaps weighing a little on USD/JPY but that comes after the reversal higher yesterday after the US CPI data.
It's all about the Fed today and I would argue that there's not much use picking sides now as things can change drastically after the policy decision and Powell's press conference.
