Dollar declines after initial spike
The Fed pledging to keep the printing presses running at $4 billion per day 'over coming months' along with no signals about tapping the brakes have sent the dollar lower, gold higher and equities into positive territory.
Importantly, USD/JPY has fallen through the May 29 low to a three-week low.
The euro has also broken above 1.14.
The playbook is generally to take a bit back just before the press conference on jitters that the Fed Chairman will take a different tone. If he doesn't then expect an extension after he's done.
Certainly there isn't much now blocking the euro's path to at least a test of 1.15.
