US dollar initially weakens after the FOMC statement

US dollar falls at first

The initial reaction from the US dollar has been lower, although not dramatically so.

The Fed changed up the communication playbook with a plainly-hawkish signal but hasn't committed to anything.

So far, the dollar moves isn't large. It's down around 40 pips across the board except for USD/JPY, which is lower as those sidelined since the BOJ step in.

In the recent past, the dollar has steamrolled bad news. But we might not get that kind of reaction until after (or during) Yellen's press conference.