Daily FX Update, 18 June 2015

v  FOMC holds the line on a 2015 lift-off for policy normalisation, although messages are slightly mixed on whether one or two hikes were on the cards for this year         v  Japan's trade deficit shrink as declining crude oil prices continued to lower imports v  Moody's expects a stronger Japan economy to lift tax revenues and facilitate steps towards fiscal consolidation       v  Total trade in Singapore is down 14.6% y/y in May v  Singapore's economy is likely to grow slightly slower than the prior forecast in 2015