Fed policymakers revised their quarterly economic forecasts, raising the median projection for unemployment by the end of 2024 to 4.4% from the 4% projection in June. Fed officials raised their projection for the long-run federal funds rate to 2.9% from 2.8%.

The US Federal Reserve wants to get to neutral quickly as it increasingly prioritises potential jobs weakness at a time when it is more comfortable with the inflation backdrop.

EUR/USD breaks above 1.1150 as the dollar weakens following the Fed's first rate cut in over four years. Market expectations for further easing support the euro's upward momentum against the dollar. Key resistance at 1.