Via eFX comes this from BoA/ML ()
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For
a market whipsawed by central bank meetings, including the ECB and BoJ,
the FX market is probably just fine with a low-volatility Fed meeting
next week. And that’s what we expect from an FX market standpoint with
the market pricing only a small, 10% probability of a hike. More
important for the FX reaction will be the Fed’s overall tone, and
assessment of the balance of risks. Since the January FOMC meeting
things are looking better on this front.