There were a number of key US data releases yesterday which came out largely in line with market expectations. The only notable surprise came in the form of ADP employment data which measures the change in the number of employed people within the US. Analysts had forecasted +150,000 growth which turned out to be higher than the actual figure of +130,000. The US dollar weakened slightly but further losses were limited as attention turned to the evenings FOMC policy meeting. The Committee decided against tapering the current quantitative easing program as it waits for more “evidence” to do so. It also acknowledged a gradual improvement in the US economy but noted the recent slowdown in the housing market. The US dollar gained substantially against all major trading counterparties after the announcement but interestingly there was no mention of the recent 16-day government shutdown. Many economists believe the event has forced the Federal Reserve to reconsider any tapering until early 2014.