Australia: The Australian dollar has been largelyunaffected by last night's FOMC rate announcement.Given there was no new news from the Federal Reserve, the reaction from currency markets was relativelysubdued.

The AUD remains range bound and is unlikely tofind much direction during today's local session with verylittle in the way of domestic data releases.

The FederalGovernment is widely tipped to announce their plans todayfor how they intend to raise the funds required for thereconstruction needed throughout the flood affected areasof Queensland. Such an announcement may have anaffect on the outlook for official interest rates, and as aresult the AUD could potentially be affected as well.

Manyexpect the imposition of an increase in the Medicare levycould potentially further limit consumer spending, furtherlessening the chances of an interest rate hike from theRBA this year.

Majors: The FOMC rate decision was the main focus forthe market last night. As expected, the US FederalReserve did not make any change to their official interestrates.

The accompanying statement suggests that the Fedwill be keeping their interest rates at their near zeropercent level for a quite some time to come still.

The Fedare clearly disappointed with the slow pace of the USeconomic recovery, commenting that "economic recoveryis continuing, though at a rate that is insufficient to bringabout a significant improvement in labor marketconditions".

With the unemployment rate firmly stuck near10% and inflation near record low levels, the Fed remainfirmly committed to their QE2 program and their plans tobuy $600 billion in Treasuries through to June of this year.

The USD fell against most of the other major currencieson the dovish statement. The UK has also managed tograb some of the spotlight over the last few days after itwas revealed on Tuesday night that UK GDP fell by 0.5%in Q4 - a result much weaker than had been expected.