A lackluster session with the majors trading within tight ranges. The currency markets' immediate reaction to the FOMC statement was to sell the US Dollar in what now looks like a rush to exit LONG Dollar positions built in anticipation of the FED tapering. Once the dust had settled and traders reassessed the situation, they appear to have gone back to an old staple, namely the carry trade. A look at the performance of the 20 FX Pairs that WorldWidemarkets offers shows that the Japanese unit was the weakest currency -vs- its major peers. This is symptomatic of a classic risk-on scenario where the currencies that correspond to carry trades, high yielders like the AUD & NZD, outperform the funding currency, in this case the YEN.