The buying could start this year and Draghi is set to announce it today. There is no official confirmation yet. This day is becoming exciting earlier than expected.
EUR/USD is down towards 1.3120, ahead of the ECB announcement. The pair was trading around 1.3145 throughout the day. The low so far is 1.3119, but the pair recovers. A confirmation or denial is awaited, and that will come soon.
- Update: ECB surprises with a 0.15% rate cut – EUR/USD free falls
- Update 2: EUR/USD guide next levels after the ECB cut
ECB President Mario Draghi will likely announce such a programme at his news conference unless it comes up against strong opposition at the Governing Council’s policy meeting.
Update: EUR/USD is beginning to recover the falls and is back above 1.3130. The tight range trading continues. Hopefully the choppy trading will turn into a more directional one soon enough.
The program is set to have a duration of 3 years and consists of both bond buys as well as Asset Backed Securities.
€500 billion sounds like a lot of money, but it is not that huge in comparison to the size of the euro-zone economies as a whole.
Here is the preview: 4 options – lower forecasts but probably no action
We will follow the announcement about the rates, and follow up with a live blog of Draghi’s press conference.Get the 5 most predictable currency pairs