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It is money time for the European Central Bank: more QE or less QE? That is the question. A 6-month extension is on the cards and is already priced in, but the ECB could also opt for a longer extension that would hurt the euro or tapering bond-buys down, pushing the common currency higher. Apart from the fate of the scheme, the fresh forecasts as well as the tone matter quite a lot. The recovery of EUR/USD has waned down ahead of the big event.

Video preview of the December ECB meeting: