FX Update: Mostly narrow ranges have prevailed
FX Update: Mostly narrow ranges have prevailed so far today once again. EUR-USD has continued to make time in the mid 1.1700s, holding below the two-month that was seen earlier in the week at 1.1815. USD-JPY traded above 113.00 for the first time since mid July, posting a high at 113.02 just after the Tokyo fixing before settling to a narrow range just under the figure. AUD-JPY concurrently posted a three-session high and while EUR-JPY also lifted, the cross remained just off recent five-month highs. Buoyant stock markets have kept the Yen on a softening path. China equities paced gains, with the main indexes there hitting eight-week highs following news that MSCI is considering quadrupling the weighting of Chinese big-caps in its global benchmarks. Market participants are also looking for signs from the Fed at the conclusion of the FOMC meeting today that the end of its tightening cycle is in sight. This after delivering a fully anticipated 25 bp rate hike. NZD-USD has been the biggest mover at the currencies analysts track, albeit with a moderate 0.3% gain. Less-worse-than-expected business confidence gave the Kiwi currency a boost.