Euro rallied higher against the US dollar for the eighth consecutive trading day, marking the longest stretch of gains for the currency pair since April 2011. The European Central Bank was widely expected to boost its bond buying program and today, they delivered. However instead of adding 500 billion euros to their Pandemic Emergency Purchase Program, they increased PEPP by EU600 billion and extended the duration of their purchases to at least June 2021. The ECB opted for a larger than expected response to the COVID1-19 economic contraction because “the improvement has so far been tepid and action had to be taken.” ... (full story)