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The dollar has been the winner of the day, isn't it? Following the latest FOMC minutes, which showed members are considered the end of the QE, the EUR/USD was dragged below the $1.3300 frontier to reach 1-month lows around $1.3270 where the pair remains trading calm in consolidation mode.

Riskier currencies and stocks were hurt by the minutes as risk aversion came over the market. The S&P 500 and the Nasdaq had their worst day of the year while the Dow posted its worst day since February 4th. The Pound is trading at its lowest since July 2010, the USD/CAD jumped to highest in 7 months and the AUD/US revisited levels below $1.0250 at first since February 12.

Several Fed policy makers said the central bank should be ready to vary the pace of their bond purchases. "Vary the pace, indeed does not mean actually a reduction, but markets understood so," points FXstreet.com analyst Valeria Bednarik. "Over the past few months, a minority has been pushing towards ending QE this year, but from their vote, to an actual end, there's a long way."

On the EUR/USD, the pair is currently trading at $1.3280, 78% below the opening price action. The pair remains vulnerable to further declines. An ascendant trendline coming from July 2012's low (1.2041) at $1.3200 is the key support ahead for the shared currency. "There are no signs the pair may attempt a corrective movement higher, although a pullback towards the broken trend line around $1.3310/20 may take place before sellers reappear," comments Bednarik.

The Thursday ahead

Investors will pay attention to the PMIs across Europe and the Consumer Price Index in the United States will take the scene in the American session. PMI and CB leading indicator in U.S., the Philadelphia Manufacturing index and the Jobless data will make the framework for the day.

- Germany Markit Manufacturing PMI (February 21 08:28 GMT)

- European Markit Manufacturing PMI (February 21 08:58 GMT)

- U.S. Philadelphia Fed Manufacturing Survey (Feb 21 15:00 GMT)

- U.S. Consumer Price Index (Feb 21 13:30 GMT)

- U.S. Markit Manufacturing PMI (Feb 21 13:58 GMT)

Source: Forex: FOMC Spoke On QE And The Euro Is Speechless