The FED's policy resembles the ECB's policy pretty much maybe that's the best consequence the G 20 had last april in any case they share a similar burden and the same interest in maintaining economic stabity and the relative strenght of the US dollar and the Euro , so it's a very natural alliance , the same holds for most holders of US bonds be they institutional or private .

So we can can expect most central banks policies to converge in that direction ( maintaining a strong US dollar ) for still sometimes , and maybe for some institutions to keep acting with impunity ( and maybe even with the help of some authorities such as central banks ) on factors affecting negatively the perception of the US dollar or the US economy such as some commodities for instance .

Today's FED meeting seems to conclude that deflation is a no brainer and inflation not so much of a threath in the short run and quantitative easing deleveraging not yet in sight .

As for analysts most seem to think the market will react according to market news rather then economic news in the weeks ahead . Some say the market is slightly positive for gold , copper dependent on China's behavior , Oil direction depending on speculators .

All in all it sounds more positive then negative in the short term .

Tec

http://www.reuters.com/

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