Not Too Hot, Not Too Cold

GOLDILOCKS - The Fed managed to signal rate hikes this year, while at the same time sounding fairly dovish. It takes a true talent to pull something like that off and the Fed has done it in spectacular fashion. Of course, no surprise to see the broad based US Dollar selling on the back of the event risk. The key takeaway in my opinion was Yellen's line that the market should put less focus on the exact timing of lift-off and pay more attention to the overall path of policy normalization, which remains accommodative.

SOMETHING BREWING - I can't say which way the US Dollar will turn in the days ahead, but given this latest decision, I wouldn't at all be surprised to see renewed selling in the Buck. GBPUSD has already broken to a fresh 2015 high, while EURUSD is closing in on a retest of the recent high at 1.1467. I definitely expect some new trades to materialize in the sessions ahead, with the pickup in volatility inviting opportunity. But for the time being, I am completely sidelined and will wait a bit to see where the dust settles. That's all I have for now. Stand by.

Elevated volatility could bring a nice Thursday trade. Via @joelkruger

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