Most modern-day open economy macroeconomists have been schooled in the Mundell-Fleming model. In this model, expansionary monetary policy lowers interest rates and the value of a country's currency, and expansionary fiscal policy (budget deficits) raises interest rates and the value of a country's currency. If exchange rates were totally determined by bond markets, these outcomes might make sense.
But, with exchange rates being determined by bond and stock markets together, the Mundell-Fleming conclusions are open to challenge, I think. In recent years, Fed monetary policy easings have often been followed by rises, not declines, in the value the dollar--because the profit outlook is improved, according to analysts.