After US QE2 followed Operation Twist.
Operation Twist has an inverse effect of QE, by purchasing bonds, etc. without printing money to purchase it.
This means USD will appreciate and US equities go down.
On Operation Twist, EU goes down.
On QE3, EU goes slowly up. By the time they reduce the QE, EU starts to ...
US QE1 made a spike on EU from 1.27 to 1.45. 600bn did that. Then dump back again.
QE1 extension 750bn did it from 1.27 to 1.52. At QE1 end, price was 1.36. QE1 end did a drop to 1.20 in the next 3 months.
US QE2 did a drop from 1.40 to 1.31 in the next 2 months, and finished it with a spike to 1.49, for QE2 to end ...