after the Fed, where to next.

The U.S. dollar has moved into areas of overbought territory after the recent bout of dollars strength following the FOMC minutes where the FED reiterated its pledge to keep interest rates near all time lows and sounded less hawkish than many economists had expected. The FED appears to be in no hurry to make changes to the current interest rate police or cease current quantitative easing measures. The recent dollar mood remains bearish overall after the bounce from support levels during the first part of the Asian session.
Some traders are now looking at the possibility for the first increase in rates by the FOMC may not come until the first quarter of 2011 (more then a year away) this causes many traders to believe that the current economic recovery may be more fragile that many had anticipated. While the Fed funds futures rates remains near zero investors are starting to look at viable carry trades, starting with some of the YEN crosses and possible dollar positions pushing those currencies lower once again.
Late selling in equities during the US session caused trades to pair there positions in safe haven currencies late in the New York session as the ^SPY.X took a sudden slide. There has not been a direct cause that I have seen or one isolated incident that appears to be at the forefront of the selling pressure, but it served as an excuse to take profits on short positions and lifted the dollar index ^DXY.X to 76.456, from a 13-month trough of 75.827.
On a side note, the central bank of Norway commented that it had considered raising interest rates, putting it well ahead of most developed nations.