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BTMU awaits a dovish FOMC

"The key part of this evening’s FOMC announcement is not the confirmation that QE3 has been completed but that we remain some “considerable time” away from the first rate increase", analysts at Bank of Tokyo-Mitsubishi (BTMU) say.

"That phrase along with the “significant” under-utilisation of labour resources are both set to remain in the statement – a view that has certainly helped restore calm to the financial markets," BTMU adds.

"EUR/USD can probably continue to edge higher from here, but a dovish statement is well in market prices, so we don’t expect any major dollar move," analysts project. 

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