• The euro Wednesday had benefited from lopsided market positioning that was skewed long the dollar and short the euro. So as the greenback faltered in response to the Fed's sketching of a more gradual path for interest rate hikes, the euro got squeezed higher. 
  
  
• But in the wake of the Fed this week, has the outlook for major currencies really changed? Not to a major degree at this stage. The Fed officially unlocked the door to a rate hike at effectively anyone of its coming meetings. 
  
  
• By contrast, the door to higher rates at the ECB has been locked and bolted shut, putting the euro at a distinct disadvantage. So the main pieces of the narrative of a weaker euro, stronger dollar remain firmly in place.