FX markets were generally well behaved on Wednesday, with traders in a 'holding pattern' ahead of today´s central bank policy meetings.

Thus, the release of the US Federal Reserve´s Beige Book, last night, barely elicited a reaction from traders, as growth was again described as between modest to moderate.

Not even remarks from Philadelphia Fed President Charles Plosser, in favour of tapering and then ceasing repurchases of debt before year-end, budged markets.

Meantime, and in Europe, the data flow was rather limited. Eurostat did however confirm that the Eurozone´s gross domestic product contracted at a 0.6% quarter-on-quarter pace in the last three months of 2012.

Ratings agency Standard&Poor´s revised its outlook on Portugal´s debt rating to stable from negative.

The US Fed´s stress-test results for the largest US banks will be released on Thursday evening and may be a talking point for markets ahead of tomorrow´s monthly employment report.

AB

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