FXStreet reports that according to economists at TD Securities, a more patient Fed approach to a taper timeline should help to keep the USD capped within recent ranges. 

“The Fed chair signaled no rush for QE tapering, as ‘substantial further progress is still a ways off,’ but he also made clear that the planning process has begun and that action is likely before too long if, as expected, the recovery remains on track. He also continued to downplay this year's surge in inflation. We continue to forecast a formal announcement on tapering in December, but we expect the advance signaling for tapering to build in the months ahead.”

“The outlook on the curve and yields in the coming weeks should help to cap the USD within recent ranges. We are sympathetic to the notion that the hawkish pivot of central banks has come at a time of what we think is peak global growth and inflation. This backdrop should help to limit USD downside overall”.