Patient in normalizing, but considerable time remains too.
PCE Inflation projections are lower to 1% -1.6% from 1.6% – 1.9% but the Core PCE they only lowered by 0.1% to 1.5%-1.8% from 1.6% -1.9%.
As Adam points out there is a lot of hedging going on.
The price in the EURUSD is up and down.
Technically, the EURUSD has found support at the 200 hour MA on the first dip after the initial rise. That level is currently at the 1.2404 level. The 1 minute chart above shows the up and down volatility and the bounce off that level. If the market is to turn, it needs to get below this level.
On the topside the 100 hour MA at the 1.2450 area saw price action remain above that MA for a total of 12 minutes. The move back below, has shown the disappointment. We will see if Yellen can now push the pair one way or the other. .