The market was looking for some king of hawkish hint, it got nothing
All the talk ahead of the Fed was about something -- anything -- being more hawkish. Instead it was a ho-hum, data-driven statement, more-dovish dots and Yellen not offering anything in the press conference.
I've gotten so much mileage from this meme
If you look around markets, bonds and stocks aren't nearly as excited as the dollar. That's a sign the dollar bulls were wavering ahead of the statement. That they were really hoping for something to kick-start the dollar rally.
EUR/USD has flirted with the area around 1.14 five times previously and been beaten back but I can't see that level holding once again. There's still a very crowded short-EUR trade and that needs to get squeezed. It could be a very quick rise.
