The only thing the market did not anticipate when the Fed hiked the discount rate last month was that they would do it so quickly. The Fed had clearly stated that it intended to lift the rate in the near-future.
They have done no such market preparation this time, so I am discounting the talk of a hike. They could have mentioned it on Tuesday in the FOMC statement Bernanke could have mentioned it in his Congressional testimony yesterday. None of that happened…
No hike, is my bet. The rumor is the hike will take place at 12:30 New York time. May want to set a stop-entry above the market in EUR/USD in case we rip higher on short-covering…