US dollar gains momentum after Fed hike
The US dollar was extremely choppy in the hours after the Fed decision but has begun to resolve itself to the upside.
The main victim at the moment is EUR/USD as it slides about 40 pips from the start of Asia-Pacific trading.
USD/JPY has also broken the New York extreme, up 25 pips to 122.46.
I wrote about the #1 reason the Fed hike was a touch on the hawkish side earlier. I'm worried that US dollar longs taking profit will eventually overwhelm the dollar buyers but that might have been what was happening on the earlier blips.
I've been in EUR/USD longs since the ECB but moved to the sidelines before the Fed.
