Fed Drops Interest Rates 50 Basis Points, USD hits all Time Low Vs Euro

Note: 100 Basis Points is 1%.

The dollar is now $1.3972:€




Note the spike that happened as soon as the Fed announced at 2:15 (Times are in GMT), so 6:15 GMT is 2:15 EDT).

I think that we got the worst of both worlds today, the currency traders care if the fed slashes rates, but mortgages, commercial paper, and interbank lenders don't.