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FXstreet.com (Barcelona) - The FX market was dominated by systemic issues such as ECB and Fed policy in September, and JP Morgan analysts see October delivering currency moves more aligned with country specifics. "The two worst-performing currencies have been ZAR (-4%) and AUD (-1.5%) on social unrest and a surprise rate cut", they wrote, pointing to the PLN (+3%), INR (+2%) and EUR (+1.5%) on less-dovish central banks or reform initiatives.

"Hopefully the country emphasis will persist, since currency managers find more diversification and tend to generate higher returns in decorrelated markets than in ones ruled by systemic issues", wrote analyst John Normand, expecting however a return to global issues over the next weeks, with the Q3 earnings season and China's monthly data deluge.
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