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Exchange traded funds (ETFs) are on a high this morning, thanks to the Federal Reserve's announcement of a plan to increase the purchase of Treasury bonds, as well as positive reports on October retail sales.

The Fed on Wednesday said it would purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion a month. The central bank will also keep reinvesting principal payments from its securities holdings. The Fed has sent a clear signal that it will use every weapon in its arsenal to keep the economy afloat.  The top-moving ETF, according to the 6 ETFs for a Financial Sector Recovery.]

SPDR S&P Retail (NYSEArca: 'Tis the Season: Retail ETFs Start Their Engines.]

The Bank of England announced that it would keep its official bank rate at 0.5%, as many analysts expected. After the news, the British pound extended gains against the dollar, rising 0.8%. The European Central Bank also kept rates on hold. In Europe, stock markets rallied to multi-month highs on the Fed news. CurrencyShares British Pound Sterling (NYSEArca: Two ETFs to Play the Dollar's Decline.]

Read the disclaimer ; Tom Lydon is a board member of Rydex|SGI.

Gregory A. Clay contributed to this article.

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