By Dan Wright

The news that moved markets today, continuing from Wednesday evening, was that the US Federal Reserve is implementing its own quantitative easing proposal.

This immediately shook the dollar, which dropped against all major currencies, namely 3 percent against the Euro and 2 percent against sterling.

 It will be interesting to see how much markets react to Ben Bernanke’s speech about the financial crisis tomorrow. 

The run on the dollar continued where sterling appreciated massively by another 2 percent, realising a mid-market rate of above 1.45 against the dollar.  Pretty respectable considering the current state of affairs in the UK!  In just over 24 hours, sterling had appreciated 7 cents from a low of 1.38!