The dollar bounced, long-dated bond yields were up and Asian stocks rose after the U.S. Federal Reserve announced a 50-basis-point rate cut and flagged that its easing

The Fed lowered its window for the benchmark policy rate by 50 basis points to 4.75%-5%, where traders had been leaning before the decision. The dollar first fell broadly, hitting a two-and-a-half-year low on sterling, but then recoiled sharply.

The Federal Reserve's 50 bp rate cut has made for a volatile 15 hours or so in the foreign exchange market. Click to read.