Quick drive-by post; too busy to do much else.

[randomness]

The last Fed rate cut (and I do mean last, because there's nowhere left for them to go from here) really did for the dollar.

$1.46 to the € and ¥88.7 to the dollar this morning.

That's compared with a $1.34 euro and a ¥91.2 dollar on Monday, before Tuesday's cut.

Nice post in Alphaville on that this morning:

To speculate against a currency - like the dollar - you need to be able to borrow that currency freely and cheaply.

Now look at what the Fed is providing to the markets: unlimited amounts of dollars at close to zero cost.

Wheee!