USD likely gained from ECB, PBoC, BoJ and Riksbank's soft tone?

The first fed funds rate hike will likely come at either the January or March FOMC meeting next year, with the highest odds on a January move. 

The combined soft tone from the ECB on Thursday, followed by easing from the Chinese central bank on Friday and possible policy easing from the Bank of Japan and Swedish Riksbank this week, means the trade weighted US dollar has gained 2% over the past one and a half weeks. 

"While on the margin this has tightened financial conditions, the rally in risky assets has largely offset this move. What is left is the positive demand boost from easier monetary policy and diminishing risks of an even more severe global growth slowdown", says Danske Bank.

Hence, this latest round of policy easing is welcomed by the FOMC.