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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.

EURUSD shoots higher Draghi disappointment December 3 2015

— more coming

ECB  Decision – All the Updates