Big leap in the euro as ECB announces changes to QE dates and amount
QE kept at €80bn until April 2017 then will continue at €60bn until the end of Dec 2017, or beyond if necessary
Ryan had the announcement here and nigh on nailed it in his preview.
Extension to QE period bearish but reduced amount offsetting at first examination but further reading tells us the ECB are ready to jack up QE again if needed.
EURUSD surges to 1.0873 but now 1.0798 again, EURGBP 0.8573, now 0.8517, EURJPY 123.37 now 122.73
Ironically having been a prime mover prior EURCHF only rallied 20 pips and stopped bang on sell interest at 1.0900 and now 1.0868 as USDCHF bounces back to 1.0085 from 1.0020 lows when EURUSD surged. I expect the SNB to be having lunch at their desks today as per my earlier post . and their pre-emptive strike throws more clues onto the bearish extent of these ECB moves.
We have to wait to the 13.30 GMT presser for more detail so traders are understandably cautious.
Large EURUSD expiries at 1.0800 in play too right through all of that. We expected volatllity and we're not finished yet.