The USD$ is on the back foot today while the market awaits the Fed Interest rate decision . The market will be watching for any change in the accompanying language in the Fed’s post meeting statement, in particular the ” considerable time ” phrase as relates to the Fed funds rate after QE winds down in October. Furthermore, it feels like the market took heed to an article in the Wall Street Journal by Jon Hilsenrath where he reckoned that the post meeting language would remain largely unchanged and that the Fed will attempt to “qualify” their current position. The Fed will also update its economic forecasts .The main beneficiaries in the market overnight have been GBP and the CAD dollar. Sterling was helped by better employment data , however this positive move may be limited with the pending Scottish Independence vote tomorrow.