One sentence summary from Gavyn Davies of the FT: "Bernanke talks the dollar down".
Well, looks like American borrowing rates won't be going up any time soon. A good thing if you're still waiting to buying a house. US residential real estate doesn't appear to be recovering, and you'll still be able to get a mortgage at a good rate.
On the other hand, I clearly should have bought more loonies when I had the chance last year. And yuan, and Sing $, and...
Anyone looking to borrow cheap dollars has gotten yet another green light. Not surprisingly, equities and commodities both rose today. And nearly every other currency on the planet.