• Off 0.05% in a very tight 1.2994-1.3005 range on FX Matching

• UK pay rises fall back in line with inflation at 3% - Brightmine

• There is no significant UK data or Bank of England events

• Tight ranges in Asia are not unusual ahead of the FOMC tonight

• Focus on Fed dot plots and the tone of Powell's press conference

• Charts - 5, 10 & 21-day MAs climb, as 21-day Bollinger bands head north

• Positive daily momentum studies - the Feb/March uptrend remains in play

• Friday's 1.2911 base and then the 1.2804/1.2795 21 & 200 DMAs support

• The 1.3046 range top in November 2024 is the next significant resistance

• A sustained break of the 1.2804 21-day moving average ends the topside bias
Andy

(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)