The 10y US yield has bounced slightly higher to 2.8445% in Asia trading after the 4bp fall overnight. The USD is relatively steady against majors but strengthened against most EM Asian currencies ahead of tonight’s FOMC. EURUSD is trading at 1.3773, AUDUSD was little changed to NY close at 0.891 as the market shrugged off Steven’s speech. USDJPY pushed slightly higher to 102.9. In EM, IDR underperformed, weakening 0.5% to 12170. USDTHB and USDMYR rose 0.4% to 32.23 and 3.258 respectively. The INR bucked the trend, strengthening 0.2% on the open to 61.877 before RBI meeting.
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Credit Suisse