• After yesterday's eye-watering moves post-FOMC, markets have spent the last 24 hours retracing the moves. 
• In FX market, we are back to pre-FOMC levels - EUR/USD is at 1.0660, USD/JPY just below 121, USD/CAD at 1.2720, GBP/USD at 1.4750, AUD/USD 0.7650. 
• Rates markets have only moved half as much - Fed fund futures are still pricing the first full hike in October (though that had reached December) and US 2s, 5s and 10s have only erased half of yesterday's moves (though we still look for them to erase the rest). 
• Datawise it was a quiet night: US jobless claims were close to expectations.