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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:  Draghi announces sizable ABS – EUR/USD dips below 1.30

Details here. And also here:

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.