Aussie comes out fairly unscathed after US interest rate release

The Aussie had a rollercoaster ride overnight as the markets chewed over the US interest rate increase to 3.25%.
After closing onshore around 0.7640 the Aussie initially rallied to a high of 0.7646. It then began a fairly constant slide lower as the market made last minute position adjustments ahead of the US interest rate release. This saw the Aussie slip below 0.7600 and register a low of 0.7594. From here the real volatility began as the markets considered what the Fed statement, delivered with the rate hike, actually meant to the market. The Aussie rebounded to 0.7620 before sliding back to around 0.7590 where it finished the US session. This morning has seen a rally in our time zone and it has opened around 0.7630 before coming off again.
The cross rates had varying results with the Sterling suffering the most against the US Dollar, resulting in our cross registering a rate above 0.4250 overnight. The euro cross held fairly constant as we continued to track it closely. We made noticeable gains against the Yen and Kiwi.
With the US interest rate coming in as expected the markets focused on the supporting speech, which suggested further interest rate hikes down the track. This fundamentally has put pressure on the Aussie but so far it is holding up well. The market will now focus even more closely on US data releases going forward to see whether the future hike comment is really justified or not.
Today the Aussie will look to consolidate itself above 0.7600 in expectation of a bumpy ride of the next few days/weeks.