The Fed raising its discount rate by 25 basis points to .75% shocked the markets earlier today. The US dollar after weakening during early US trade, promptly rallied at the news. The Fed appears to be making good on its word about starting to remove the excess stimulus measures from the economy. The prospect of the US hiking rates before the EU and other major developed countries has made investors dollar bullish. This change in sentiment can be seen in the USD/JPY as the pair reached a new high of 92.10 upon the news.