Euro drops below 1.11
The euro spiked below the May low of 1.1107 on the Fed headlines to touch 1.1087. That's the lowest since May 2017.
So far the move has retraced about half-way to 1.1107 as the market waits for a bit more guidance from Powell, who will host a press conference at 2:30 pm ET (1830 GMT).
The general way these things go is that you get a retracement ahead of the press conference and then the market makes a definitive move once Powell weighs in.
