The last day of September marks the end of Q3 2014 and the only comment that comes to mind is: "Wow!" I am referring, of course, to the strength in the US dollar.
The € has been under siege for the last six weeks due to the Eurozone's inflation picture. Right now, the five year outlook for inflation is running below the European Central Bank's 2% target---like, 1.88% and change, and the market doesn't like that even a little bit. The Eurozone inflation reading is at the lowest level since 2009; consequently, the €/$ has been trading below its own 13 day exponential moving average since mid July, The €/$ just breached the January 2012 lows; Italy is in deflation, and we're looking @ €/$ breaching 1.26, trading as low as 1.2589, just to make the point who's in charge. The €/$ has made a little dead cat bounce to back above 1.26, but things are pretty bleak for the pair; indeed, here is the long view of €/$ price action in the 22 weeks since the May 7, 2014 high, which saw 1.3992, The end of 2014 Q4 sees a decline of11%, over a course of 1403 pips.
and €/£ is @ .7780, a level not seen since the .7750 low in July 22, 2012. A breach of .7745 would signal continuation of relative weakness for the Euro for the remainder of the year. A turn here, in favor of the Euro, would lead to strength against the US$ also.