The dollar shorts are turning into pumpkins

24 hours after the Fed decision, the spell on the US dollar has been broken.

The dollar suddenly looks to be regaining its form and stock markets have slipped from their highs.

There isn't any particular driver but the though of holding anything but dollars for the medium-term, I think, is unpalatable for the market.

The US dollar is at the best levels of trading since Tokyo went home on most fronts. One exception is USD/JPY, which has some tough resistance at 100.91/101.00 to fight through first.