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  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
Video: Will Markets Inevitably Swamp Global Monetary Policy?

Video: Will Markets Inevitably Swamp Global Monetary Policy?

John Kicklighter, Chief Strategist

Talking Points:

• Global stimulus and central bank balance sheets have ballooned to records over the years

• Despite exceptional support from the likes of the Fed, BoJ and ECB; cold economic winds are returning

• With a market heavily exposed and dependent on complacency (low volatility), the risks are universal

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The IMF downgraded its 2015 and 2016 global growth forecasts this past session. In itself, not a dire development. However, when we put it into context with the various financial market and economic elements converging; the risks of a systemic shift become far more tangible and concerning. As global growth slows steadily, the low tide increasing exposes the extended position of both central banks and market participants. While there is more room for unorthodox accommodation - and the ECB is likely to announce an upgrade this quarter, if not this month - subsequent efforts will not command the same impact. Meanwhile, risk exposure has grown to excessive levels amongst investors as low yields resultant from policy have forced them into greater risk. With events like the SNB's failed policy effort, oil's collapse and upcoming ECB and Fed decisions at hand; the possibility of catalyzing these troubled conditions builds. We discuss monetary policy and market confidence in today's Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.