ForexLive Americas Wrap: Gentle Ben Stands Firm.

The forex trading headlines from the Americas session

UK budget holds promise but is accompanied by lower growth estimates. 2013 0.6% from 1.2%. 2014 1.8% from 2.3%
UK  government to look at updating BOE remit but keeps inflation policy as is.
UK budget details leaked early by Londons Evening Standard
UK OBR says government on course to achieve fiscal mandate
UK debt office looking at super-long dated gilts past current 50 year maturity cap
Canadian Feb house prices -0.2%
Cypriot unit banks will stay closed through until next Tuesday.
Cyprus looking to sell banks to Russia and Greece
Merkel will try everything to find a solution for Cyprus
FOMC stands pat on policy. Slight change to policy wording on economy
FOMC members lower top end growth forecasts marginally
Inflation still to run below objective over medium term
Ben Bernanke press conference doesn't throw up any surprises

We had a quiet morning session as all roads pointed to the Federal Reserve.

GBP/USD The budget kept things lively for sterling as we slumped from 1.5120 to 1.5040. A leak of the budget report was seized upon as lower growth expectations came out. This was then balanced by a seemingly positive budget from George Osborne and we leapt 120 pips up to 1.5160.  We then topped off at 1.5187 before sliding into the FOMC. There was a half hearted reaction to the announcement. The UK press will be hard at it overnight chewing the fat of the budget and picking holes. The full budget response may come out in the market tomorrow.

EUR/USD was pretty lethargic and also only managed a 40 pip range over the FOMC. We end towards the session lows at 1.2930. Cyprus news was largely ignored but may take centre stage tomorrow on the back of the banks being kept closed.

USD/JPY firmed up all day with the market anticipating a good reaction to the FOMC. We broke through offers at 95.60/70 and a large 95.20 option could not halt the advance. We dropped 30 odd pips from 95.70 on the initial reaction to the release before continuing the move higher through 96.00. It's here we enter the Asia session.

A big thank you to our readers today and it's over to Eamonn.