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Euro Craters After Hawkish ECB
It is like deja vu all over again. Yesterday hawkish Fed saw the dollar rally and then reverse lower. A hawkish ECB saw the euro make a new session high and then turned around and traded below yesterday's lows. The ECB meeting was never live in the sense that it was going to change interest rates, and it did not surprise on this count. The ECB's statement was more detailed and hawkish than expected. It confirmed it would complete its purchases in December. It indicated provided details of the amount it would taper by in Q4. It would taper by cutting the 30 bln a month that is it will purchase through September to 15 ... (full story)