QE3...What does it do to our dollar?

"Quantitative Easing, QE, is an emergency action by a central bank that buys government securities to generate liquidity and promote lending when other financial stimulus methods, such as low interest rates and quick funds access, have been maximized. In November 2008, the Federal Reserve Bank began a QE in the U.S., but did not buy Treasury bills, bonds, or notes. Instead, the Fed bought $600 billion in mortgage backed securities, avoiding a direct infusion of cash to the money supply that could have led to devaluation of the dollar and run-away inflation."  Click the pic