EUR/USD got the excuse it needed to snap recent downside run

The reactions to the shift in the Fed policy outlook are unfolding in many markets right now, as the Fed boss prepares to debrief the press in a couple of minutes. The dollar has taken quite a hit and that has helped the EUR/USD to lurch above its 200 day moving average. The break above 1.0826 this evening has produced a pretty dynamic rise, to around 1.0870 so far. The likelihood of the EUR/USD closing above 1.0826 would seem pretty elevated right now, but there is the opportunity for Powell to pour cold water on that Dot Plot revision, but we shall see if that materialises in a couple of minutes. If he does not, then the dollar is set to hold these losses into the close tonight. The EUR/USD has traded to 1.0871 so far. It is currently trading at 1.0865