Sentiment deteriorates
The S&P 500 is back to barely above-water at 4360 as the ebb and flow in risk sentiment continues ahead of the Fed. The index rose as high as 4394 at midday but it's drifted back down.
The moves are all within the recent range and I wouldn't expect heavy volumes to return until after the FOMC tomorrow.
The fall in equities has spilled over to FX where the rebounds in commodity currencies and the drift lower in the US dollar has been pared.
USD/CAD is up to 1.2809 from a low of 1.2784 whiled AUD/USD is back down to 0.7231 from 0.7242.
