The Fed left its benchmark interest rate on Wednesday unchanged; making it clear that it will keep the same level till the end of 2014, as announced by the Chairman Bernanke months ago.
But there were more significant events. The expected "QE3" finally failed to come into force and caused disappointment in the markets, which reacted by selling shares on Wall Street and bringing down major currencies, the dollar strengthened naturally.
However, the low was not as significant as during the hours of onset of the U.S. session on Thursday. The Dow Jones index futures resumed their upward trend, while the euro and the British pound maintained a direction not fully defined, but without the bass track that had been observed on the afternoon of Wednesday.
Indeed, the market will have its greatest impact with the press conference which will be held by the European Central Bank President Mario Draghi.
Since his inauguration, Draghi has had quiet months. He debuted in office by cutting interest rates, and was not expected to do it again today, since that would be at 0.75%. His presentation in London last Friday led to all sorts of speculation.
Draghi said that the ECB will do everything necessary to save the euro, a claim supported days later by Angela Merkel and Francois Hollande, Germany and France leaders.
Hence it is that the press conference today is even of greater value, the results will show if there will be new easing measures taken to help troubled Spain and Italy.
This can lead to severe movements in the euro pairs, which reach even to the other major pairs. As the second currency of global importance, the euro has the weight to carry to other currencies like the pound, the Australian dollar and the Canadian dollar. Of course, this decision made by the Swiss National Bank has tied their fate to the euro to 1.20 before it.
The Bank of England left the interest rate unchanged as its policy of buying assets and generated minimal movement in the pound, the expectation of the market is going through the presentation of Draghi.
As always, at 10:00 markets rearrange after the opening of the NYSE, after which trends will make their final course.

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