Showed little change last week despite a hawkish FOMC Statement and better than expected EZ PMI data. The rate began the week gaining a fraction on Monday after EZ Final CPI increased by +1.5% as widely anticipated. The pair extended its gains, rising another fraction on Tuesday after the German ZEW Economic Sentiment index printed at 17.0 versus an expectation of 12.3. Also, U.S. Building Permits increased to an annualized +1.30M compared to +1.22M expected, while Housing Starts showed +1.18M, in line with the consensus. Wednesday saw the rate make both its weekly high of 1.2028, and its weekly low of 1.1860 after the FOMC left its benchmark Fed Funds Rate unchanged at 1.25% as widely anticipated. The Fed confirmed that it would begin normalizing its balance sheet in October and upwardly revised its GDP growth projections for 2017 and 2019 while downwardly revising the unemployment rate forecast. Referring to damage caused by recent hurricanes, Fed Chair Janet Yellen said that, “In the third quarter … economic growth will be held down by the severe disruptions caused by Hurricanes Harvey, Irma, and Maria.” Yellen continued saying that, “As activity resumes and rebuilding gets underway, growth likely will bounce back. Based on past experience, these effects are unlikely to materially alter the course of the national economy beyond the next couple of quarters.” The pair then recovered somewhat, gaining ground on Thursday despite U.S. Initial Jobless Claims, which declined to 259K compared to an expectation of 302K. The rate consolidated on Friday after positive PMI news: German Flash Manufacturing PMI printed at 60.6 versus 59.0 expected; German Flash Services PMI showed a reading of 55.6 compared to an expectation of 53.8; EZ Flash Manufacturing PMI printed at 58.2 versus 57.2 expected, and EZ Services PMI, which showed a reading of 55.6 compared to a consensus of 54.7. EUR/USD went on to close at 1.1945, with a gain of just one pip from its previous weekly close and virtually unchanged on the week. Germany held election on Sunday, electing Chancellor Angela Merkel for a fourth term. EUR/USD gapped lower in early trading on Monday morning.