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Did Home Depot's Profits Warning Tank the Dollar?

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Home Depot's profit warnings yesterday didn't do much to damage its share price--shares of Home Depot rose about 1% yesterday--probably because the company also indicated that it would be making a bigger than expected tender offer to buy back its own shares for somewhere between $39 and $44 per share. That's the kind of "we're looking out for our share price" action that analysts and investors like to see. It also helped that the company could explain away some of the lower earnings with the sale of its supply division for $10.3 billion, and everyone knew that this would hurt the numbers.
But the company also made noises about "weaker conditions in the housing markets" which some are saying helped push the dollar down against other currencies. The Wall Street Journal's Market Beat blog noted that "the dollar also took a beating amid worry that weakness in the U.S. housing sector, which were renewed by Home Depot's profit warning... The euro hit an all-time high of $1.3741, and the pound rose to a 26-year high of $2.0273. Europeans aren't complaining, as the greenback's pain is a gain for tourists from across the pond."
In other words, investors think Home Depot's got a good plan. But they think homes in general are screwed.
Four at Four: Bernanke + Subprime = Selloff [MarketBeat]