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Week in FX – Draghi’s ECB Goes All In
The European Central Bank (ECB) was always expected to be the main event of the past week. Capital markets had time aplenty to prepare to react to President Mario Draghi’s post-meeting press conference. Would the ECB stand and deliver? Would it implement a quantitative easing (QE) package and what are the details? Despite it not being a unanimous decision, Draghi and his fellow cohorts on the ECB’s Governing Council delivered more than what the market was expecting. This is the new world order for central banks it seems: shock and awe. In the context of sustaining market volatility, it’s working. Surprise ... (full story)