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50% less QE: 30 billion instead of 60 billion from the beginning of 2018 through September, more or less as expected. The door is open for more bond-buying afterward and this is the dovish part. Draghi explained the move at a press conference and added that some did not want an open-ended announcement on the reduction of the bond-buys. He was relatively upbeat about the economy and also hardly mentioned the exchange rate, a difference from September’s event.  

EUR/USD falls to a new low of 1.1760, basically erasing the gains seen in the past day. The high was 1.1835. Support awaits at 1.1720. After the initial fall, the pair stabilized and resumes its falls after the press conference ended.

Follow the live  blog below, as it happened.

The European Central Bank was expected to announce some form of QE tapering in its all-important meeting. The mainstream expectation was for halving the amount of bond buys from 60 billion to 30 billion euros per month.  EUR/USD was trading around 1.1805 ahead of the decision. See our preview:  ECB Taper time, but of what type? 3 scenarios.