Slight tweak to the Fed's language today….
"The Committee now anticipates, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-1/2 percent, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal."
Tapering has begun, but the outlook is rosy. This should make the dollar more attractive. For now risk markets which have been QE driven for some time, are taking it well. The key impact should be on the dollar going forward. And this could have an adverse impact on Emerging Markets. Let's wait and see...