XE Market Analysis: Asia – Jan 31, 2018

Trade was quiet ahead of the FOMC, though the dollar did perk up some on pre-Fed short covering, helped by a stronger than expected ADP jobs report. The dollar chopped around inside a narrow range after the FOMC announcement, before steadying unchanged to a bit higher after the dust had settled. Rates were left unchanged, as expected. The statement said risks were “roughly balanced” and that the economy will expand at a moderate pace.