Breaking: USD dives on dovish Fed

The US Dollar is falling sharply on the news from the Fed. EUR/USD is trading close to 1.1400, GBP/USD tops 1.3200, and USD/JPY is around 111.25.

-- more to come

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The Fed was expected to leave its policy unchanged and to provide further details on its plans regarding interest rates. After raising interest rates in December, the Fed has signaled a patient approach to the next moves. Markets closely watch the forecasts for interest rates. 

Fed Chair Jerome Powell recently said that the US economy is in a good place while noting headwinds from abroad. 

Markets are also eyeing further details about the balance sheet reduction program, also known as Quantitative Tightening.