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Off Lows

FOREX: Inside session so far as market awaits the Fed
-The DXY trades broadly flat and most other major pairs trade well within the
week's ranges, with few catalysts or drivers for price action emerging so far.
GBP sits at the bottom of the G10 table, pulling back from two consecutive days
of strong performance. Commodity-tied also trades well as oil prices remain
elevated after Trump's somewhat belligerent speech at the United Nations General
Assembly yesterday. Breakouts remain contained for now.
-The Fed are expected to lift the Federal Funds Rates by a further 25bps today
and markets have already largely baked in the move. Fixed income positioning has
been pricing in a hike today for well over a month, with most dealers expecting
another rate hike to follow in time for Christmas. There may, however, be some
focus on how Richard Clarida votes, with many analysts seeing his vote as
particularly influential over the median dot plots published today. There may
also be some focus on whether the statement retains the term 'accommodative' in
reference to the Fed's policy stance. 
-Outside of the Fed, US new home sales are due at 1400GMT.
MNI London Bureau | +44 203-865-3809 |