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The last week of September encloses important indicators for the future of the major economies. The U.S. and U.K. GDP will be released. In the Euro area, the CPI will be eyed ahead of ECB’s policy meeting in October, which may bring QE tapering.

Thursday was quiet in terms of economic indicators and most of the forex pairs had low volatility, though the Australian dollar and the New Zealand dollar were the big losers of the day.The U.S. dollar is retaining its post-FOMC gains versus the G10, while the Euro is rising.

Fed policy meeting was the focus of the day and then the BoJ interest rate decision overnight, that sent the USD/JPY above 112.70, meeting our recommended target. EUR/USD lost all the gains of the last six days yesterday, falling almost 1% in a single day.

The focus of the day is clearly Fed policy meeting. The interest rates are expected to be on hold, though market participants are looking forward for changes to the balance sheet. The U.S. dollar slipped back ahead of the announcements, pushing EUR/USD above 1.2000 and Dow Jones to new all-time highs during its sixth positive month in a row.

Greenback is climbing ahead of Fed policy meeting, adding pressure to the gold, which depreciates strongly over the last days. WTI soared at 4-month high, while euro gained significant ground following Eurozone’s CPI report.

We have a very strong week in terms of economic data, which is expected to increase trading volumes. Federal Reserve and Bank of Japan will announce their interest rate decisions, Eurozone will release its CPI report for August, while Markit PMIs' estimates for September are coming out.

Profits Booked in GBP/USD and EUR/GBP! Sterling climbed higher following the BoE interest rate decision and cable locked our 170 pips target, while the EUR/GBP plunged hardly. The U.S. CPI beat expectations and ticked higher at 1.9% yoy for this month.

Even though the market is looking forward to the Bank of England policy meeting today, the big story of the day is the sharp increase of the U.S. dollar overnight.

Profit Booked in EUR/GBP, GBP/USD and USD/JPY! Sterling jumped following the strong CPI report, USD/JPY locked our 160 pips target, rising more than 2% the last two days. The euro added gains versus its major peers as well, on speculations that ECB will taper QE.

The British pound is covering some of the yesterday’s losses early in the morning, before the U.K. CPI report. U.S. dollar traders relieved from the less than expected damage from the Hurricane Irma, while North Korea didn’t launch any missile during the weekend.

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