The euro has had a busy 24 hours - the value of the currency shot up against the dollar after the US currency's value fell when the Federal Reserve (Fed) indicated that it won't raise interest rates until the middle of the summer at the earliest.

The announcement temporarily restored most of the value that has been wiped off the euro since the European Central Bank (ECB) launched its quantitative easing programme at the beginning of March.

The euro briefly went from below $1.06 to $1.10 - a massive move for two of the global economy's main currencies.

Today the euro value is back down to below $1.07 - and it is likely that yesterday's announcement will have a knock-on effect that will temporarily slow the euro's depreciation against the dollar.

The likes of Goldman Sachs and Deutsche Bank have forecast that the euro will reach parity with the dollar during this year, and that it will fall to between $0.80 and $0.85 by the end of 2017.

It is still unclear how close the Fed is to a rate hike. The announcement yesterday dropped the word patient from its latest policy statement - but its language was also more cautious when discussing the immediate prospects for the US economy.

The Fed made reference to weak export growth, a decline in inflation, and a slower than expected recovery in the US housing market.

If the Fed continues to delay a rate hike - forecasts for future euro values against the dollar may have to be revised upwards.