[MARKET ANALYSIS] FX markets are flat amid a quiet calendar and with participants awaiting this week's key risk events

DXY: FlatTrades little changed after the dollar kept afloat yesterday despite oil prices tumbling lower. The move lower in crude prices wasn't met with a proportionate move lower in US yields and FX, likely as expectations of a hawkish Fed at this week's meeting have remained, even when taking into account the positive geopolitical developments over the weekend. As such, money markets are pricing around a 40% chance of a hike this week, while Citadel Securities even thinks that the Fed could surprise by hiking, which would bolster Chair Warsh's credibility in the inflation fight.EUR/USD: FlatLanguishes near the prior day's trough after failing to sustain a return to the 1.1400 handle, despite hawkish comments from ECB's Kazimir, who affirmed support for a hike in September.GBP/USD: +0.1%Attempts to nurse losses after sliding beneath the 1.3300 handle, but with the recovery limited ahead of the central bank announcements this week, including from the BoE meeting, where policymakers are likely to keep rates on hold, while the vote split will provide a better gauge of sentiment amongst members, with expectations for a 7-2 split.USD/JPY: FlatLacks direction and remains at the 163.00 handle following its recent indecisive performance and with little impact seen following Japanese PM Takaichi’s announcement that Japan must exit excessively tight fiscal policy and will submit a bill to lower the 8% sales tax on food once lawmakers reach an agreement.Antipodeans: AUD/USD Flat / NZD/USD FlatPrice action is range-bound amid a quiet calendar and as participants await this week's risk events.