While the Dow posted a gain in excess of 350 points yesterday after the rate cut was announced, optimism has begun to wane today and the market headed to an open with futures down. In addition to profit-taking, which is to be expected to an extent after yesterday's substantial gains, many investors are beginning to face the reality that the move raises serious concerns about the value of the dollar.

Globally, currency analysts are seeing downward pressure on the dollar. Already, the dollar has shrunk to new lows compared to global currencies, including the euro and the yen. Analysts at CMC Markets described the dollar's outlook as "ominous", while analysts at Bank of America released a report yesterday stating that additional debt purchases by the Fed would drive the value of the dollar down even further. State Street Global Markets analysts have said that yesterday's move by the FOMC has "undermined" the outlook for the dollar.

Essentially, the move by the FOMC yesterday has ended the dollar's ranking as the world's safe haven during this financial crisis, and many investors with long positions in the dollar will likely unwind those positions in the near future, which could add further downward pressure to the value of the dollar. As a result, analysts are downgrading their long-term outlooks for the dollar, and many currency strategists have already entered into short positions on the dollar.