The Federal Reserve's announcement of a new money printing program and pledge of low rates until mid-2015 sent the dollar falling Thursday against major currencies. Economist Shayne Heffernan said today the Euro, USD and GBP are in a race to the bottom.

Although some monetary easing action was expected, the stance of the Fed's policy board, declaring that easing measures would stay in place indefinitely until the jobs market improves substantially, was stronger than expected.

At 2100 GMT, the euro was at $1.2986, up from $1.2899. It momentarily topped the $1.30 level for the first time since early May.

The dollar fell to 77.48 yen from 77.84 yen, and to 0.9353 Swiss francs from 0.9372 francs. The British pound pushed up to $1.6152 from $1.6107.

The euro, meanwhile, pushed up to 100.61 yen from 100.40 yen.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service