Even with the benefit of a full night’s rest, traders are still struggling to digest the Fed’s latest missive (see “Fed Instant Reaction Reaction: ‘Considerable’ Confusion” for more). Indeed, the only clear takeaway is that the central bank’s action will, as ever, be entirely dependent on incoming economic data. For equity traders, that was clearly enough, as US equities saw their best day of the year yesterday and are pointing to another strong open in today’s trade. Rather than trying to decipher the Fed’s tea leaves and how they’ll impact the US dollar, traders may be better served by avoiding the greenback ... (full story)