Currency ServicesCurrency Online Alert March 18, 2009

“US Dollar Fell Sharply After Aggressive Fed Action”

The dollar fell sharply on Wednesday (March 17, 2009) after the Federal Reserve embarked further on a quantitative easing approach to monetary policy after its latest meeting. The Fed informed the market of their intent to purchase a further $750bn of agency mortgage backed securities, an additional $100bn of agency debt and $300bn of longer term treasury securities, all in a bid to get credit flowing through the economy again. The dollar dropped most against the euro, after depreciating as much as 3.5%, the biggest intraday decline since September 2000.

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