"It leaves Pandora's Box wide open, " said Mike Moran, senior currency strategist at Standard Chartered.
David Bloom, a currency strategist at HSBC, a bank, draws a clear lesson from all this.
"We're not closer to a grand solution, " Elsa Lignos, London-based currency strategist for RBC Capital Markets said.
"The bottom line is Japan doesn't want to hurt exports, " said Kevin Chau, a senior currency strategist at IDEAglobal.
According to Neil MacKinnon, senior currency strategist at Merrill Lynch, the dollar is suffering from the slowdown in US growth.
The Italian election "is not causing widespread panic yet, " said Sean Callow, senior currency strategist at Westpac Institutional Bank in Sydney.
"On paper, this approach appears to be far more aggressive than the BoE's current objective, " said Jane Foley, a senior currency strategist from Rabobank.
Paul Robinson, a currency strategist at Barclays Capital, reckons that the dollar is the worst performing major currency during periods of rising oil prices.
The impact appears largely beneficial though, says Wolfgang Koester, chief executive and currency strategist at Fireapps, a software firm specializing in detecting foreign exchange exposure.
Daragh Maher, a senior currency strategist at HSBC, told the BBC that France was probably more "twitchy" because numbers were showing its competitiveness to be declining.
Mansoor Mohi-Uddin, chief currency strategist at UBS, said that there was a sentiment in the market that "central banks from Asia and the Middle East are buying euros".
BBC: Recent rebounds in the dollar have proved to be short lived
Simon Derrick, chief currency strategist at Bank of New York Mellon in the U.K., also said he expects to see a weaker U.S. dollar, which will help boost gold prices.
"It is one of those strange moves because we can't attribute it to a payrolls report or Japanese economic news, " said Sean Callow, senior currency strategist at Westpac in Sydney.
"Greece is definitely coming back on the agenda, as negotiations with its private-sector creditors are in a crucial stage, " said Ian Stannard, a currency strategist at Morgan Stanley in London.
In the year to May, says Michael Rosenberg, chief currency strategist at Deutsche Bank, import prices to America, excluding oil, rose only 0.9%, even though the trade-weighted dollar fell by 6%.
Neil Mellor, a currency strategist at Bank of New York Mellon, said Mr Carswell's plan would have to be executed on a massive scale for it to have any impact on the economy.
David Woo, a currency strategist at Bank of America Merrill Lynch, says that markets are now moving on real (after inflation) interest rate differentials rather than the nominal gaps they used to heed.
Over the past year sterling has become a favourite of currency traders because of Britain's strengthening economy and rising short-term interest rates, according to Adrian Schmidt, a currency strategist at the Royal Bank of Scotland.
ECONOMIST: The pound stumbles as currency speculators cut back on risk
"Every decline in the yen against the US dollar means Japan is paying for more for its energy needs - it's a steep rise in costs for everybody, " said Sean Callow, senior currency strategist at Westpac.
Andy Busch, global currency and public policy strategist at BMO Capital Markets, said Draghi will either start buying bonds, which will lift markets, or he will wait for an official bailout request, which will cause market prices to fall.
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