Shift in Fed tone: slightly dovish

It's about midnight right now, and euro/usd has rallied more than 70 pips since today's NY close. The catalyst seems to be a shift in the Fed's hawkishness, with some senior Fed officials worried that the market has overreacted on Bernanke's dollar jawboning.

To put this in poker context:

Market: call...
Fed (trying to bluff): raise 25bp...
Market: re-raise 75bp!
Fed: uhhh...I fold