Bernanke Backlash: Dollar Has Biggest One Day Slide Versus Euro

As the Fed cuts short term rates to near zero, the flight away from the dollar has begun. Forget about the safety of Treasury securties, foreigners want to earn interest. This is the start of a MAJOR backlash against Bernanke's mad money manipulations.

The dollar slid to a 13-year low against the yen today and had its biggest one-day decline versus the euro after the Federal Reserve reduced its target interest rate Tuesday.

The dollar fell to 87.14 yen, the lowest since July 1995 yesterday. It dropped to $1.4437 per euro from $1.4002, the weakest since Sept. 30. The dollar is now down more than 11% versus the euro this month. It is down 8% for the month versus the yen.