When you take a big step back from the daily action this week FX markets almost seem like a yawn. If they haven’t done so already, major currencies are slowly giving back their gains against the dollar post FOMC but the moves are decidedly non-dramatic. There is no one dominant theme and while the U.S. technical default come October 17 on failure to raise the debt limit and the looming government shutdown on Tuesday are going to have consequences far beyond the days and weeks ahead unless Congress can effectively compromise, in some ways they have reduced volatility in daily trading. No one wants to make big bets leaving the major pairs in narrow ranges. Though there will be gains and losses on any market moving data, the big picture may stay this way until the non-farm payrolls data for September when investors get something concrete that could drive the Fed to taper or not to taper come October. Making long term bets on the overall direction of a currency is probably the best way to play going into the weekend at least.