The Federal Reserve lowered its key interest rate by a hefty half percentage point Wednesday, moving ahead with its first rate cut in four years. As a result, the value of the dollar abroad fell slightly. Nevertheless, there's no need to rush to the nearest foreign currency exchange bureau if you have a trip abroad planned in the near future.

Wall Street is embracing the Fed's 50 basis point cut, and traders are betting on even more aggressive easing before the end of the year.