Back in March of 2009, on the day Ben Bernanke announced quantitative easing, stock markets went nuts — beginning the great bull market in earnest — but the dollar got crushed.
Well, on the day Europe announces quantitative easing, not only are stocks going nuts, but so too is the euro.
Of course, the events leading up to QE were different. During our big crisis, the dollar had enjoyed an unprecedented flight-to-safety rally. During Europe’s big crisis, the euro had seen an unprecedented selloff, so for now the market is undoing the previous panic, and not worrying about a larger supply of Euros.