According to several reports there was a positive bias in EUR/USD for this week. After the fed decision to increase rates by 0.25 EUR/USD has been going up, though I would expect EUR/USD to start declining. Could it be either that: a) There are other factors in play b) The rate hike had already been priced in by the market?
Which rate hike? The Fed has clearly been quite well priced. The ECB rate hikes, on the other hand, are all the rage.
Yeah, this rate increase was priced in, but USD took a hit across all majors on a less hawkish tone than anticipated for further rate hikes from what I'm reading. BOE and ECB switching to a hawkish tone recently. Not sure how much the elections in Europe are messing with things also, but it seems clear this was a dollar hit on the Fed. The bull reversal on EUR/USD on March 9th was from the ECB press conference indeed.