Here is what you need to know on Thursday, September 17: The US Federal Reserve had a monetary policy meeting but was unable to impress investors. Powell formalized in the statement the latest framework shift to an average inflation target. Fresh forecasts showed that the FOMC expects the GDP to contract by 3.7% at a softer pace than the previous forecast of 6.5% in 2020 and sees unemployment at 7.6% at year’s end, compared to 9.3% in June projection. Fed fund rates are seen unchanged for this year and the next ones, while inflation was downwardly revised for this year to 1.0% from 1.5%. US policymakers are open to adjusting the monetary policy further as needed but suggested they will remain on pause for now. The dollar advanced modestly at the end of the day, but there were no notable developments across the board, except for EUR/USD which fell below 1.1800. GBP/USD surged to 1.3000 and finished the day around 1.2960, on reports the UK offered tentative concessions on fisheries in trade talks with the EU, one of the main issues blocking negotiations in the last months. Pound bulls ignored the Fed. The focus shifts now to the BOE monetary policy announcement early Thursday. Yoshihide Suga has been confirmed by the Japanese Parliament as the new Prime Minister of the country. He is expected to follow Abe’s path, and that should keep the waters calm, at least from that front. The USD/JPY plunged below 105.00 and retains its bearish stance heading into the Asian opening. Gold prices fell with the Fed, amid no more stimulus expected in the near term. Nevertheless, the bright metal held within familiar levels, trading at around 1,955 at the end of the day. Crude oil prices were firmly up, finding support in the EIA, which reported that US crude stockpiles dropped by 4.4 million barrels last week, against estimations of a 1.3 million increase. In addition, Hurricane Sally forced the shutdown of more than 25% of oil production in the Gulf of Mexico. Australia will publish August employment data, while the BOJ is having a monetary policy meeting early Thursday, granting some action during the upcoming Asian session. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street Close: S&P 500 snapped a three-day winning streak, falling 0.46% FX Street 2 years Here is what you need to know on Thursday, September 17: The US Federal Reserve had a monetary policy meeting but was unable to impress investors. Powell formalized in the statement the latest framework shift to an average inflation target. Fresh forecasts showed that the FOMC expects the GDP to contract by 3.7% at a softer pace than the previous forecast of 6.5% in 2020 and sees unemployment at 7.6% at year's end, compared to 9.3% in June projection. Fed fund rates are seen unchanged for this year and the next ones, while inflation was downwardly revised for this year… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.