The markets are bracing for the Fed's moment of truth

The prospect that the US dollar might overshoot could complicate the normalisation of US interest rates, which could spark more volatility and a fresh bout of unintended consequences.

If 2014 has been a year characterised by a fixation with commodity prices, 2015 is shaping up as a year where currencies are going to get a disproportionate share of the attention.

This week’s final Federal Reserve board open market committee meeting for the year produced a subtle change in the language the committee has been using in relation to its expectation of when it might start raising official US interest rates.

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