Dear Reader,

Today's overview of economic news and market action: 

• Relatively muted market action over the past 24 hours
• Yesterday’s flash PMIs provided some mixed results
• FX majors have operated within narrow ranges
• EUR/USD opens this morning just below $1.18
• EUR/GBP remains above 87p
• Today’s macro highlights are the German Ifo (Sept) and US new home sales (Aug)

All rates quoted are indicative market rates.

The September meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank maintain the Bank Rate at 4.00%. This was very much in line with market expectations. Once again, there was no unanimity within the MPC on its policy decision to hold rates steady.

The September meeting of Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the first time since December of last year. The target range for the Fed funds rate was lowered to 4.00-4.25%.