After the Fed’s statement and two days of testimonies the U.S. dollar against the major currencies is nearing a 14 month high.
The U.S. dollar remains well supported after a small but powerful tweak to the language in the Fed statement in which the Fed will be driven not by time any longer but rather by data.
Effectively saying what the Fed has been saying they will be watching the economic recovering rather than the clock. Which simply reflects what the Fed has been saying for some time now.
The Fed decision to wrap up its bond buying program next month has the dollar bulls running along with the data driving any future rate hikes rather than time reiterates my call to be long the U.S. dollar via PowerShares DB US Dollar Index Bullish (UUP, quote).