The euro has been on a roller-coaster ride in the past 24 hours.

The Fed's decisions after European markets closed sent the dollar plunging, erasing a lot of the decline the euro had seen in recent weeks. Markets took the meeting as a hint that the Fed would not be raising interest rates as soon as they expected.

The euro climbed from below $1.06 to $1.10 briefly, an astonishing move for the world's two biggest currencies. Here's how it looks:

But the euro is now down about $0.03 from the highs it reached after European markets closed as of 8:07 a.m. GMT it's down 1.56% against the dollar, back below $1.07. 

That said, with a longer look it's easy to see that the Fed-driven bounce in the euro's value against the dollar is barely a dent in its longer-term decline: 

Banks like Goldman Sachs and Deutsche Bank are forecasting that the euro will fall to parity with the dollar this year and down to $0.80 and $0.85 respectively by the end of 2017. But that's based on the Fed hiking interest rates and the European Central Bank keeping policy looser if the Fed delays hiking rates for an extended period, that forecast might get raised. 

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