I would certainly not take any more in the hours ahead of the FOMC at face value but the euro is struggling. After falling as much as 40 basis points, Italian 10-year yields have trimmed that to 30 bps.
On technicals alone, the 1.04 level held a handful of times in the past three days but it's cracked now and the US dollar is finding some broader strength as yields bounce from the lows.
