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3/18/09

Wall Street Journal: Dollar Slumps After Fed Decision

For the complete report from the WSJ.com click on this link

Dollar Slumps After Fed Decision

The U.S. dollar tumbled sharply Wednesday afternoon after the Federal Reserve surprised markets by escalating its quantitative-easing program, signaling a more aggressive approach to keeping longer-term yields low and stabilizing credit markets in the U.S. The dollar sold off broadly after the Fed said it would expand its purchases of mortgage-backed securities by an additional $750 billion and spend as much as $300 billion to purchase U.S. Treasurys. The euro reached $1.3499, its highest level since Jan. 9, after the Fed's statement, marking one of its biggest intraday gains.

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