Markets tread water ahead of Fed decision; yen steady, yuan dips to 10-month low.
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It was another subdued session as investors sat tight ahead of the Federal Reserve’s FOMC decision and Chair Powell’s press conference. Markets broadly expect a 25bp cut, though there’s concern the Fed may signal a less dovish path than currently priced.
Local news was light. Japan’s exports fell again in August, but the contraction was smaller than expected thanks to a rebound in shipments to Asia. Still, overall exports remained negative for a fourth consecutive month.
FX was rangebound across the majors. USD/CNY slipped to a fresh 10-month low after Tuesday’s sharp U.S. dollar drop, with the PBOC offering little resistance — setting the daily fix with almost no damping.
Asia-Pac stocks:
Japan (Nikkei 225) +0.2%
Hong Kong (Hang Seng) +1.35%
Shanghai Composite +0.38%
Australia (S&P/ASX 200) -0.75%
