{"id":90421,"date":"2026-09-28T16:24:28","date_gmt":"2026-09-28T06:24:28","guid":{"rendered":"https:\/\/www.ic.com\/blog\/?p=90421"},"modified":"2026-09-28T16:24:29","modified_gmt":"2026-09-28T06:24:29","slug":"ic-europe-fundamental-forecast-28-september-2026","status":"publish","type":"post","link":"https:\/\/www.ic.com\/blog\/ic-europe-fundamental-forecast-28-september-2026\/","title":{"rendered":"IC &#8211; Europe Fundamental Forecast | 28 September 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>IC &#8211; Europe Fundamental Forecast | 28 September 2026<\/strong><strong><br \/><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What happened in the Asia session?<\/strong><strong><br \/><\/strong><strong><br \/><\/strong>During today\u2019s Asia session, markets were driven by several key themes. Weaker growth in Chinese corporate profits weighed on sentiment, while firm industrial activity in Singapore provided some support. Crude oil prices continued to rise, while elevated bond yields and ongoing geopolitical uncertainty in the Middle East kept investors cautious. Asian equities traded mixed, while oil and gold remained supported by demand for safe-haven and inflation hedges.<br \/><br \/><strong>What does it mean for the European &amp; US sessions?<\/strong><strong><br \/><\/strong><br \/>Today\u2019s key event is Christine Lagarde\u2019s appearance before the European Parliament. Traders will be watching for clues on ECB policy, inflation, economic growth, and the impact of higher energy prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">China\u2019s industrial-profit growth slowed to 4.2% in August, the weakest monthly increase this year. This could weigh on risk sentiment, commodities, and China-sensitive currencies such as the Australian dollar. Gold has already fallen around 1.5% as higher oil prices increased inflation concerns and boosted expectations for further Fed rate hikes.<br \/><br \/><strong>The Dollar Index (DXY)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key news events today<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No major news event<br \/><br \/><strong>What can we expect from the DXY today?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The U.S. dollar starts Monday with support from higher Treasury yields and growing expectations of an October Federal Reserve rate hike. The Dollar Index recently closed near 101.031, down 0.25%, but it remains stronger over the past month and year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets are currently pricing in about a 64.8% chance of a 25-basis-point Fed hike in October. Meanwhile, tensions involving Iran and the Strait of Hormuz are pushing oil prices higher, adding inflation concerns and supporting safe-haven demand for the dollar. From a technical perspective, 101.39 is the key resistance level for DXY. A break above this level could support further dollar gains, while another rejection could lead to a pullback.<br \/><br \/><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Federal Open Market Committee (FOMC) raised the federal funds target range by 25 basis points to 3.75%\u20134.00% at its September 15\u201316, 2026, meeting. The decision was approved unanimously by a 12\u20130 vote, marking a shift from the July meeting, when rates were held at 3.50%\u20133.75%. The Fed said the move was intended to support its dual mandate and promote a more timely return of inflation toward its 2% objective.<\/li>\n\n\n\n<li>The labor market remains relatively resilient. The September FOMC statement said job gains have kept pace with workforce growth and that the unemployment rate has changed little. The Fed continues to monitor employment conditions closely alongside inflation when determining the appropriate path for monetary policy.<\/li>\n\n\n\n<li>Inflation remains above the Federal Reserve&#8217;s 2% target and continues to be a key policy concern. The September decision explicitly noted that inflation remains elevated. The latest projections put median headline PCE inflation at 3.7% for 2026, before falling to 2.3% in 2027, 2.1% in 2028, and 2.0% in 2029. Core PCE inflation is projected at 3.4% in 2026, declining to 2.5% in 2027 and 2.2% in 2028.<\/li>\n\n\n\n<li>Economic activity continues to expand at a solid pace. The Fed highlighted resilient domestic spending, strong productivity growth, and robust capital investment, although uncertainty remains elevated partly because of geopolitical developments. The September projections raised the median 2026 GDP-growth forecast to 2.3%, compared with 2.2% in the June projections.<\/li>\n\n\n\n<li>The September projections show a higher expected policy-rate path than in June. The median projection for the federal funds rate is now 4.1% at the end of 2026, compared with 3.8% in the June projections. The median is projected at 4.1% in 2027, 3.9% in 2028, and 3.6% in 2029. This indicates that policymakers&#8217; projected rate path remains relatively restrictive while inflation is expected to move gradually toward the target.<\/li>\n\n\n\n<li>Chair Kevin Warsh continues to emphasize the importance of returning inflation to 2%. Ahead of the September meeting, Warsh indicated that the Fed would have further work to do if policymakers could not gain sufficient confidence that inflation was moving toward the 2% objective. The September decision was subsequently delivered a 25-basis-point hike, while the Committee continued to emphasize its assessment of incoming economic data and risks.<\/li>\n\n\n\n<li>The September economic projections show a more balanced growth outlook but continued inflation risks. The median unemployment forecast is 4.1% for 2026 and 2027, while the Fed projects GDP growth of 2.3% in 2026 and 2.4% in 2027. At the same time, PCE inflation is expected to remain substantially above target through 2026 before moving closer to 2% over subsequent years.<\/li>\n\n\n\n<li>The next meeting is scheduled for 27-28 October 2026.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Next 24 Hours Bias<\/strong><br \/>Strongly Bullish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Gold (XAU)<\/strong><strong><br \/><\/strong><strong><br \/><\/strong><strong>Key news events today<\/strong><strong><br \/><\/strong><strong><br \/><\/strong>No major news event<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What can we expect from the Gold today?<\/strong><strong><br \/><\/strong><strong><br \/><\/strong>Gold remains under pressure near $4,254 per ounce. The main reasons are a stronger U.S. dollar, rising Treasury yields, and growing expectations of another Federal Reserve rate hike. Although geopolitical tensions continue to support safe-haven demand, this support is currently being outweighed by expectations of tighter U.S. monetary policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Technically, gold remains vulnerable while it stays below the $4,280\u2013$4,315 resistance zone. Traders should watch the $4,235\u2013$4,200 support zone closely, as a clear break below it could lead to a deeper correction.<br \/><br \/><strong>Next 24 Hours Bias&nbsp; &nbsp;<\/strong> <strong><br \/><\/strong>Strongly Bearish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Euro (EUR)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key news events today<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ECB President Lagarde Speaks (1:30 pm GMT)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What can we expect from the EUR toda<\/strong>y?<br \/><br \/>The euro starts Monday under pressure, with <a href=\"https:\/\/www.tradingview.com\/symbols\/EURUSD\/?exchange=ICMARKETS\">EUR\/USD<\/a> near 1.1380 as a stronger dollar and Middle East tensions weigh on sentiment. A hawkish Fed outlook continues to support the dollar, while expectations of further ECB rate hikes offer some support for the euro.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All eyes are on Christine Lagarde\u2019s European Parliament hearing at 13:30 GMT, which could trigger volatility.<br \/><br \/><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The ECB enters October with its policy outlook dependent on the outcome of its 10 September meeting. The latest confirmed decision, from 23 July, kept the deposit facility at 2.25%, the main refinancing operations rate at 2.40%, and the marginal lending facility at 2.65%. The ECB continued to emphasize a meeting-by-meeting and data-dependent approach, with no commitment to a predetermined rate path.<\/li>\n\n\n\n<li>The euro-area economy remains resilient, but growth is still relatively modest. The latest ECB data show euro-area GDP at \u20ac4.1185 trillion in Q2 2026, up 1.2% quarter-on-quarter and 3.6% year-on-year in the latest reported data. However, the economic outlook remains vulnerable to elevated energy costs, geopolitical uncertainty, and weaker external demand.<\/li>\n\n\n\n<li>Inflation remains the key issue for ECB policy. The ECB&#8217;s July assessment highlighted that energy prices remained highly volatile and significantly above pre-conflict levels, with the full inflationary impact of the energy shock still uncertain. The ECB is therefore closely monitoring direct energy effects as well as possible second-round effects through wages and broader price-setting behavior.<\/li>\n\n\n\n<li>Professional forecasters continue to expect inflation to remain above target in 2026. The ECB&#8217;s Q3 Survey of Professional Forecasters projected headline HICP inflation at 2.7% for 2026, falling to 2.2% in 2027 and 2.0% in 2028. Core inflation, excluding energy, food, alcohol, and tobacco, was projected at 2.4% in 2026 and 2.2% in 2027.<\/li>\n\n\n\n<li>Growth expectations have softened. The same ECB survey projects real GDP growth of only 0.6% in 2026, followed by 1.2% in 2027 and 1.3% in 2028. This combination of relatively weak growth and above-target inflation leaves the ECB facing a difficult policy trade-off heading into October.<\/li>\n\n\n\n<li>The ECB&#8217;s balance-sheet normalization is expected to continue. The APP and PEPP portfolios continue to decline in a measured and predictable manner because the Eurosystem is no longer reinvesting principal payments from maturing securities. This gradual quantitative tightening is expected to continue unless financial-market conditions require the ECB to adjust its approach.<\/li>\n\n\n\n<li>The main risk for October is the combination of persistent inflation and weak growth. Higher oil and natural-gas prices could keep inflation above the ECB&#8217;s 2% target while simultaneously reducing household purchasing power and business activity. This could make the ECB more cautious about easing policy even if economic growth remains weak.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u200bThe next meeting is on 29 October 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Next 24 Hours Bias<\/strong><br \/>Medium Bearish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Swiss Franc (CHF)<\/strong><strong><br \/><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key news events today<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No major news event<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What can we expect from the CHF today?<\/strong><strong><br \/><\/strong><br \/>The Swiss franc is weakening today, with USD\/CHF testing the 0.8300 area and hitting its lowest level since May 2025. The franc is under pressure from the SNB\u2019s 0% policy rate, stronger U.S. rate expectations, and elevated U.S. bond yields.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SNB\u2019s softer intervention stance has also reduced support for the franc. For now, the franc may remain weak against the dollar unless U.S. yields fall, risk aversion increases, or the SNB signals stronger intervention.<br \/><br \/><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>At its 24 September meeting, the SNB kept the policy rate unchanged at 0.00%, citing appropriate monetary conditions.<\/li>\n\n\n\n<li>Swiss inflation increased from 0.6% in May to 0.8% in August, mainly due to higher energy prices. The SNB expects inflation to rise somewhat in Q4 before easing during 2027.<\/li>\n\n\n\n<li>The SNB now projects average inflation of 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028, assuming the policy rate remains at 0%.<\/li>\n\n\n\n<li>The SNB remains willing to intervene in the foreign-exchange market if necessary to maintain appropriate monetary conditions, particularly if exchange-rate movements become problematic.<\/li>\n\n\n\n<li>The SNB expects Swiss growth to remain moderate, forecasting 1.5\u20132% growth in 2026 and around 1.5% in 2027.<\/li>\n\n\n\n<li>The main risks remain Middle East tensions, elevated energy prices, global growth, and trade-policy uncertainty. Higher energy prices could increase inflation while weakening economic growth.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/>The next meeting is on 10 December 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Next 24 Hours Bias<\/strong><br \/>Medium Bearish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Pound (GBP)<\/strong><strong><br \/><\/strong><strong><br \/><\/strong><strong>Key news events today<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No major news event<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What can we expect from the GBP today?<br \/><br \/><\/strong>The pound is trading cautiously today, with GBP\/USD around 1.3239 and <a href=\"https:\/\/www.tradingview.com\/symbols\/GBPUSD\/?exchange=ICMARKETS\">GBP\/EUR<\/a> near 1.1627. Sterling remains close to multi-month lows despite recent hawkish signals from Bank of England officials, as a firm US dollar and elevated energy prices continue to weigh on sentiment. Markets are pricing roughly an 80% probability of a BoE rate hike in November, with expectations for more than four 25-basis-point increases over the following year. Today\u2019s main sterling event is a speech by BoE Deputy Governor Dave Ramsden on quantitative tightening, while the UK\u2019s BRC Shop Price Index is expected to show annual inflation of 1.5%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest-rate decision: The BoE held the Bank Rate at 3.75% at its 17 September 2026 meeting. The MPC voted 6\u20133, with three members supporting a 25-basis-point increase to 4.00%. The decision reflects a cautious approach as policymakers balance inflation risks against subdued economic activity.<\/li>\n\n\n\n<li>UK CPI inflation rose to 3.1% in August, up from 2.9% in July, remaining above the BoE\u2019s 2% target. Core CPI remained at 2.6%, while services inflation was 3.4%, indicating that underlying price pressures are still present.<\/li>\n\n\n\n<li>The ongoing Middle East conflict has contributed to higher and more volatile energy prices. The BoE expects inflation to rise further over the coming quarters, although the eventual impact will depend on how long energy prices remain elevated.<\/li>\n\n\n\n<li>The UK economy remains subdued, while weaker demand and a cooling labor market create challenges for the MPC. Policymakers must balance the risk of persistent inflation against the possibility of further weakening economic activity.<\/li>\n\n\n\n<li>Wage growth and services inflation remain important areas of focus. Although core inflation has been relatively stable, the rise in headline inflation means the MPC is likely to remain cautious about easing policy.<\/li>\n\n\n\n<li>The BoE is reviewing the pace and structure of its balance-sheet reduction. Its latest plans include slowing the pace of gilt sales, reflecting concerns around market conditions and the impact of quantitative tightening.<\/li>\n\n\n\n<li>The BoE\u2019s next decisions will remain data-dependent, with inflation, energy prices, wage growth, and economic activity determining whether rates remain unchanged or increase.<\/li>\n\n\n\n<li>The next meeting is on 5 November 2026.<br \/><br \/><strong>Next 24 Hours Bias<\/strong><strong><br \/><\/strong>Medium Bearish<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><br \/><\/strong><strong><br \/><\/strong><strong>The Canadian Dollar (CAD)<\/strong><strong><br \/><\/strong><strong><br \/><\/strong><strong>Key news events today<\/strong><strong><br \/><\/strong><strong><br \/><\/strong>No major news event<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What can we expect from the CAD today?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Canadian dollar starts on the defensive, with USD\/CAD near 1.4150. The wider US\u2013Canada rate gap is weighing on CAD, while stronger US yields continue to support the US dollar. Higher oil prices could provide some support, but Tuesday\u2019s Canadian GDP data and US rate expectations will be key for the loonie.<br \/>\u200b<br \/>Central Bank Notes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>At its 2 September 2026 meeting, the Bank of Canada maintained the overnight rate target at 2.25%, keeping the Bank Rate at 2.50% and the deposit rate at 2.20%. This marks the seventh consecutive decision at 2.25%. While the decision was expected, the bank&#8217;s communication became somewhat more cautious as inflation risks increased. Governor Tiff Macklem emphasized that the Bank remains prepared to adjust monetary policy if necessary to preserve price stability.<\/li>\n\n\n\n<li>The Canadian economy has strengthened significantly in the second quarter. GDP expanded at an annualized rate of 3.3% in Q2 2026, following very weak growth in Q1. The recovery was relatively broad-based, with consumer spending remaining resilient while housing activity, exports, and business investment also improved. However, the Bank noted that some of the Q2 strength reflected temporary factors and that the sustainability of the recovery remains uncertain because of renewed trade tensions with the United States.<\/li>\n\n\n\n<li>The labor market has continued to improve, providing additional support for domestic demand. Employment increased by 75,000 in July, while the unemployment rate declined to 6.4%, its lowest level since July 2024. Wage growth, however, continued to moderate, with average hourly wages rising 2.8% year over year in July compared with 3.3% in June. The combination of stronger employment and moderating wages suggests that labor-market conditions are improving without generating an immediate resurgence in underlying inflation pressures.<\/li>\n\n\n\n<li>Inflation remains the key concern for the Bank. Headline CPI increased to 3.0% year over year in July, up from 2.8% in June. Much of the acceleration was driven by gasoline, with gasoline prices rising 25.7% year over year. Encouragingly, CPI excluding gasoline remained at 2.2%, while core inflation measures have stayed close to 2%. The Bank therefore continues to distinguish between temporary energy-driven inflation and more persistent underlying price pressures.<\/li>\n\n\n\n<li>Higher global oil prices have increased the upside risks to Canadian inflation. The continuing conflict in the Middle East, restrictions affecting shipments through the Strait of Hormuz, and elevated refinery margins have kept gasoline and other energy prices high. The Bank is currently looking through some of the direct effects of higher oil prices, but Governor Macklem warned that the longer energy prices remain elevated, the greater the risk that inflation becomes more persistent and spreads into other goods and services.<\/li>\n\n\n\n<li>US-Canada trade tensions have become a more significant downside risk to growth. New US tariffs on Canadian exports and Canada&#8217;s retaliatory measures are creating additional uncertainty for businesses. The Bank estimates that the products directly affected by the new tariffs account for around 5% of Canada&#8217;s exports to the United States, limiting the immediate economy-wide impact. Nevertheless, broader uncertainty could cause businesses to delay investment and hiring decisions, potentially slowing the recovery.<\/li>\n\n\n\n<li>The bank&#8217;s policy stance remains data-dependent going into October. The BoC is balancing two opposing forces: stronger-than-expected economic activity and renewed inflation risks on one side, versus excess economic capacity and trade-related downside risks on the other. With inflation around 3% but underlying inflation closer to 2%, the Bank has so far chosen to remain on hold rather than immediately tighten policy.<\/li>\n\n\n\n<li>The next meeting is on 28 October 2026.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Next 24 Hours Bias<\/strong><br \/>Medium Bearish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Oil<\/strong><strong><br \/><\/strong><strong><em><br \/><\/em><\/strong><strong>Key news events today<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No major news event<br \/><strong><br \/><\/strong><strong>What can we expect from the Oil today?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices are rising today, as renewed Middle East tensions increase concerns about prolonged supply disruptions. In early Asian trading, November WTI rose about 1.3% to around $93.62 per barrel, while Brent gained 1.8% to approximately $106.31.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The main driver was U.S. President Donald Trump rejecting Iran\u2019s conditional proposal to reopen the Strait of Hormuz and resume nuclear talks, increasing concerns about continued disruptions to global oil supplies.<br \/><br \/><strong>Next 24 Hours Bias<\/strong><strong><br \/><\/strong>Strongly Bullish<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Risk Warning:<\/strong>&nbsp;Trading in securities involves significant risk. Prices may fluctuate and securities can become entirely valueless. You may incur losses that exceed your potential profits, and in some cases, losses may exceed the amount you have deposited. Securities, futures, options, and contracts for differences are complex financial instruments and are not suitable for all investors. Engaging in such transactions requires a sound understanding of the associated risks. Please read and ensure you fully understand our&nbsp;<a href=\"https:\/\/cdn.ic.com\/uploads\/FSA\/Risk_Disclosure_Notice_FSA.pdf\" target=\"_blank\" rel=\"noopener\">Risk Disclosure<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our leverage is dynamic and may change at any time. Such changes may affect your positions and margin requirements. You are responsible for monitoring your positions and maintaining sufficient margin at all times<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IC &#8211; Europe Fundamental Forecast | 28 September 2026 What happened [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":84955,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-90421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/posts\/90421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/comments?post=90421"}],"version-history":[{"count":3,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/posts\/90421\/revisions"}],"predecessor-version":[{"id":90455,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/posts\/90421\/revisions\/90455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/media\/84955"}],"wp:attachment":[{"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/media?parent=90421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/categories?post=90421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ic.com\/blog\/wp-json\/wp\/v2\/tags?post=90421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}