Analysts at Socgen explained that the biggest event was the FOMC meeting. Key Quotes: "The market was expecting rates to be left on hold, but the tone of the statement and of the press conference to be more hawkish, setting the stage for a hike by June. That simply didn't happen as the FOMC members' median projection of rates was cut by about 50bp, so that only two hikes are now implied for 2016. We look for just one." For more information, read our latest forex news.