The ECB’s 22 January decision on QE is clearly the dominant theme in the FX market, notes Credit Suisse. "The bottom line is that market expectations are for a sovereign QE program of at least €500bn. And the probability is likely skewed to something more aggressive, either in terms of size (numbers up to €1tn being mooted by some), type of assets purchased (risk sharing via the ECB preferred to national central banks leading the charge) or timing (quicker implementation being seen as better)," CS adds. "Our central scenario is that most roads still lead lower for the EUR at this time. Here are three possible ... (full story)