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The two low-yielding soft currencies (the dollar and yen) are lower today as FOMC decision day has finally arrived. We can now look back with the benefit of hindsight and say that the recent boost to the dollar and yen were due to worries over the prospects for the U.S. economy and how that might transmit less cause for other central bankers to push for removal of monetary stimulus. That causes a wider yield differential and harms the appeal of the dollar. Instead, dealers have concluded that it's business as usual and that the economy continues to progress, which means that it's once again time to ditch the dollar.
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