Big upset: no new QE, extension of the program to March 2017 and and re-investing of proceeds. The ECB will also buy municipal bonds. Expectations stood on a rise of 10 to 20 billion. Re-investing proceeds does not get close to that.
EUR/USD shoots to a new high of 1.0810. Update: 1.0890.
Inflation expectations were left unchanged for 2016 at 1%.
Earlier, Draghi under-delivered by cutting the deposit rate by only 10 basis points to -0.30%. This sent EUR/USD rallying all the way to 1.0740 before the pair fell back to a higher range.
— more coming
