The USD started a bit better overnight but began to fall off as traders trimmed long positions ahead of today's economic news. This morning's CPI and Housing data was mixed for traders as lower CPI was offset by weaker housing data; the majors began a steady climb into the FOMC rate announcement which of course was the big news of the day. In a surprise move, the FOMC voted unanimously to cut rates a larger than expected 75 BP putting the FF rate at .25% and announcing to the world that the USD is now the cheapest currency on the planet.

Johannesburg- Less than a week after South Africa suspended imports of all meat and dairy products from the European Union because of the Irish pork dioxin contamination, the ban was relaxed Wednesday.

"The temporary suspension on the importation of animal products from the EU (excluding Republic of Ireland & Northern Ireland) will be lifted," the department of agriculture in Pretoria said in a statement.

Brussels - The European Union's institutions in Brussels have been accused of squandering millions of euros of European taxpayers' money by paying for their employees' Christmas travel expenses at a time of economic crisis.

Hans-Peter Martin, an independent member of the European Parliament from Austria, wrote to the press Wednesday denouncing this "shocking privilege."

"The money would be better spent financing meaningful social projects," Martin wrote.

Madrid - A former Spanish senior official Wednesday admitted that the former conservative government allowed US flights transporting terrorist suspects to make stopovers in Spain, but denied that stopovers actually took place, judicial sources said.

National Court judge Ismael Moreno questioned Miguel Aguirre de Carcer in the framework of his investigation into alleged flights of the US Central Intelligence Agency
(CIA) via Spain between 2002 and 2005.