20/03/14 @ 08:25 GMT by Angus Campbell, Senior Analyst

　　http://www.fxpro.cn/news/daily-forex-brief/20140320/gai-kaishi-shiying-jiaxi-rizi

　　The FOMC meeting gave the dollar a big boost last night as the new Federal Reserve Janet Yellen made it clear that interest rate hikes can be expected in 2015 and probably the early part. Investors that have been debating over when the rate hikes will start are clearer now and so the knee-jerk reaction was to buy the dollar. Few currencies were safe as EURUSD, GBPUSD and AUDUSD all sold off and USDJPY spiked, with one of the most pronounced move coming against the Yen.

　　The dollar has had a mixed year so far starting strong as investors became used to the fact that the Fed was due to taper gradually throughout the year and possibly unwind their asset purchases totally before 2014 was out. We then saw a spate of poor economic numbers, especially jobs data which completely blew the wind out of the dollar’s sails. However, last night confirmed that the taper is unlikely to be tapered and the dollar strength that started earlier in the year could continue. This makes the recent strength in the Euro relatively vulnerable and the 1.4000 level is now looking a real challenge as EURUSD hits a two week low, currently at 1.3830.

　　We are unquestionably going to have to get used to a world of higher interest rates next year as the Bank of England and the Federal Reserve normalise monetary policy. Even the ECB has become less dovish after avoiding a widely expected rate cut at their last meeting.

　　昨天联邦公开市场委员会（FOMC）让美元大有起色，因为美联储主席耶伦（Janet Yellen）清楚的表示加息可以在2015 年实施，而且是在年初。讨论何时会加息的投资者现在更加明确了，因此下意识的反应就是买入美元。少数几种货币较为安全，欧元美元，英镑美元以及澳元美元都卖空了，而美元日元则高涨。日元面临一次最明显的变动。

　　到目前为止美元的情况一直较为复杂。一开始走强，因为投资者已经适应了美联储今年缓慢紧缩的步子，而且美联储也许会在2014 年结束之前完全放开资产购买。随后一系列经济数据都很糟糕，特别是就业数据完全让美元脱离了轨道。但是，昨晚的情况证明紧缩不太可能进行，而年初开始的美元强势可能会继续下去。这种情况让欧元最近出现的强势变得较为脆弱，1.40000 这个水平现在是一个真正的挑战，因为欧元美元达到了两周以来的低点，目前为1.3830。

　　毫无疑问，明年我们将要开始适应加息的日子了，因为英格兰银行和美联储都在将货币政策正常化。虽然上次会议上避免讨论了大家都期待的减息，欧洲央行已经变得不那么温和。