FX trade was quiet through the morning session, with activity muted ahead of the FOMC announcement. The dollar rose, then fell, then rose again following the Fed, as it detailed the kickoff of its QT program, as widely expected, and left another 2017 rate hike on the table. EUR-USD spiked to eight session highs of 1.2035, before falling back under 1.1875, below its 20-day moving average of 1.1935. USD-JPY meanwhile, bottomed at 111.12, then shot up over 112.40, a two-month high, and above its 200-day moving average.
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