ECB did not disappoint markets yesterday by extending asset purchase programme until the end of December 2017. The bank said they will buy bonds, albeit at a lower pace, that may yield less than the deposit rate and pledged to increase the programme in terms of size and/or duration, if necessary.
The euro initially spiked to 50 DMA (1.0875) on the reduction of the monthly amount of purchases but it was one way street to 1.06 from there. This year's (1.0505) and last year's (1.0460) lows are the …
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