It was pretty much nap time for the FX market in N.Y. on Tuesday, with little price action, little volume, and seemingly little interest in trading through the session. Aside from softer housing starts (but firm permits) data, there was nothing to drive the dollar's direction, and traders were likely happy to tidy up positions ahead of Wednesday's FOMC announcement. EUR-USD based at 1.1205 early, then peaked at 1.1255, before turning sideways near 1.1240. USD-JPY found support into 123.30, managing a high of 123.47. USD-CAD moved inside of 1.2306-46, as cable settled into a 1.5600-50 band.
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