• The euro steadied against the greenback and exploded higher against the broadly weaker U.K. currency. A market inclination to cut back on long dollar, short euro positions ahead of the Fed helped the single currency keep above the fresh 12-year lows it hit earlier this week below $1.05. 
  
  
• Any disappointment by the Fed today could see the euro among the chief beneficiaries given how markets have heavily sold the single currency in the wake of the ECB's implementation this month of its gigantic QE bond buying program. Any potential bounce for the euro though would likely prove short lived given bearish sentiment which leaves it vulnerable to selling on any rally. 
  
  
• Euro affordability for U.S. importers has improved markedly this year, having started 2015 above $1.20 against its U.S. rival. Buyers can lock in significantly lower costs on EUR payables with forward or option contracts.