Confirmation that the Fed will keep rates low for a considerable time and no move to lay the groundwork for exit from super-loose monetary policy gave the market a quick pop as the reflation trade unleashed a short-lived sugar rush. The rush appears to be wearing off as equities give back most of their gains, up only about 2 points now after adding 8.5 points earlier.
EUR/USD has dipped below 1.48 a few times and is now trading in the low 1.48-teens.
Looks like protection of 1.4850 and 0.8800 barriers may define the ranges for the afternoon.
