The effects of Quantative Easing?

Hello all,
I have been silently following this website and going through school as a newbie trader not yet dipping one’s toe in the choppy waters…
I have a query on the effects of quantative easing to the currency markets.
In particular, the discussions that the BOE mentioned and that it could be a possibility sometime soon.
So in general I presume that these measures induce a fall in the value of that particular currency? If so, would it likely be a significant one, or does it get factored into a slow fall in the currency on the ‘run up’ to the QE actually going ahead? eg, rumour mill working…

Secondly, I would also like to what this measure does to the Comdolls? I am looking at shorting GBP/NZD and wondered if QE of the pound would spell strength for the NZD (and AUD etc) or does this risk averse currency get effected more by the knock on concerns that taking this action has rather than the potential devaluation?!

Any thoughts, what happened last time QE was used?

Cheers
steve