The ECB and the FED have got together to halt the $USD dollar decline and use other means than the Feds Funds Target rate to inject liquidity into the global banking system. Why else did the ECB act in line with the Fed. They have a cunning plan. http://www.federalreserve.gov/newsevents/press/monetary/20071212a.htm TAF... we will hear more of this. LONG Why... 1) USA Interest rates easing has slowed, maybe to stop. 2) ECB cant afford the EURO to get too strong 3) Massive short positions on $USD and a small spark is all it needs to profit take on these positions. 4) Run to Saftey 5) Europe and Japan economy slowing . 6) Small technical inverse head and shoulders on $USD daily chart. Warning : Maybe a short rally, but a rally. UPDATE : Not good for stocks, as stocks need constant interest rates cuts to provide the much needed market juice.