FX Update: The major dollar pairings have held within yesterday's ranges. EUR-USD stuck to a modest oscillation in the upper 1.10s while USD-JPY remained stuck around 123.50. News that Japan retail trade for June fell -0.8 % m/m, slightly better than the -0.9% consensus forecast, had little impact. Market participants are now waiting on the FOMC in the U.S., which concludes its two-day meeting today. No surprises are likely, and while the overall tone is likely to be more upbeat than the previous FOMC in June, the Fed is not likely to commit to a September rate lift-off either ahead of key data releases and given concerns about China's financial markets and Greece. Analysts anticipate the FOMC will be moderately net bullish for the dollar. Elsewhere, NZD-USD spiked to a 19-day high of 0.6739 after RBNZ Governor Stevens said that the large declines in interest rates currently predicted by "some local commentators" would only be consistent with the economy moving into recession
