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The Fed took another step in leading the U.S. out of the global credit crisis by implementing a $540 billion funding entity whose primary goal is to finance money market purchases of short-dated financial instruments such as CDs and commercial paper. This timely and aggressive move by the Fed sent a signal to the Forex markets that the Fed still has its sights on burying the trust and confidence problems that have plagued the global credit markets for over a month. The move by the Fed helped the Dollar rally sharply higher against the Euro. The Dollar's strength was also buoyed by perceptions that the European Central Bank (ECB) would make more aggressive interest rate cuts than the Fed over the next several months. Traders are expecting the Fed to slash rates another 25 basis points at its October 29 meeting while the ECB is expected to trim rates by as much as 1 percent over the next three to nine months.
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