The door to QE is open but they have not jumped through to the other side.

The Fed’s assessment of the economy suggests they remain on guard and could be close to acting to ease further.

“Reluctant”, “reduced” and “depressed” are some of the adjectives used in the opening paragraph.

EUR/US has firmed to 1.3200, USD/JPY has fallen as low as 85.13, and gold is at new highs of $1285.

The buck is taking a hit across the board despite the market being positioned for a near-term move toward more Fed ease.