Reuters - The most 'hawkish' that the Fed can be is to defer rate cuts from one FOMC meeting to another. Given the less-than-normal liquidity problems that are always extant over extended holiday periods in the US, today's movements might be somewhat exaggerated, but the trend is the trend is the trend, to paraphrase Gertrude Stein, and the trend for the US dollar is downward from the upper left to the lower right on the charts.