The dollar is stronger against most currencies this Thursday after the US Federal Reserve not only announced the end of its QE programme but also gave a more hawkish statement on the US economy than many were expecting.  Saxo Bank's Head of FX Strategy, John Hardy gives his reaction to what the FOMC announced and looks at the levels to watch for in major currency pairs.

EURUSD is certainly under pressure and John says we could soon see it hit its 52-week low of 1.25. The Bank of Japan is holding a meeting later and USDJPY could easily climb to 112 or even higher in coming days and weeks. However, John says it's all dependent on a raft of global macro data as to whether the dollar's strength can be maintained.