It has all been about the FOMC and weakness in the AUD over the past 24 hours. It was just words, the statement, from the FOMC last evening with the FOMC leaving the Fed Funds Rate unchanged at 0.75-1.00% and not changing their guidance on when they might begin to run down their balance sheet. There were no updated forecasts at this meeting. That comes next in at the June 15 meeting. While there was also no press conference from Chair Yellen, she will have the opportunity to spell out the Fed’s views on the economy when she speaks at Brown University on Friday. You would only expect a similar upbeat message from her tomorrow. The words from the Fed were not vague at all, leaving no doubts in the mind of the market that the Fed retains a positive outlook for the US economy and will press on with their gradual removal of policy accommodation.