A lot of weight being put on the FOMC decision

There wasn't anything overly hawkish in the FOMC statement and maybe that's a reason to sell the dollar but I don't think it's as big of a reason as, say, a full-blown trade war with China.

The WSJ and NYT both report that Trump will propose 25% tariffs on China at 3:30 pm ET. There have been rumors about it all day so it's not out of left-field but the latest headlines hit 20 seconds before the FOMC decision, so it's tough to separate which is the real driver.

As for the Fed, the shift in language on overall growth to 'strong' from 'solid' is a genuine upgrade and could come with better FOMC forecasts in the months ahead. There was no need to shift any kind of guidance to keep a December hike in play and the Fed will want to see some better signs on inflation before pulling the trigger.

The other thing is that the US economy is looking better and I don't think it's only the Fed that sees it. The US dollar will rise as that sentiment spreads and is confirmed (or not).

However 25% tariffs on everything the US imports from China could certainly change the equation in a very big way and we will just have to see what Trump says later.