It is hard to see EUR/USD being driven by anything else than the Fed today. Economists at ING believe that the pair could challenge early-September 0.9900 lows after the US central bank announcement.

Overall environment for the euro remains quite challenging

“What is sure is that the overall environment for the euro remains quite challenging, and the latest reports that Germany is going ahead with a full nationalisation of Uniper - the largest buyer of Russian gas – are working against any relief rally in European sentiment at the moment.”

“We think the early-September 0.9900 lows can be tested in EUR/USD after the Fed announcement, and a break below that level may unlock further downside for the pair into the 0.9800 support.”