ECB completely disappoints

After disappointing in interest rate front, by just reducing about 10 basis points focus shifted to European Central Bank's (ECB) policy conference.

Average market consensus was for at least 13.5 basis points rate cut. Since ECB disappointed in that front, bar was higher for rest of the tools.

However, ECB has been a complete disappointment today. Underwhelming there too.

While ECB kept the QE duration open, until sustained inflation is reached it was just increased by 6 months to March, 2017. The pace of purchase was maintained at same level of € 60 billion per month.

It seems ECB is not as dovish as market has originally anticipated.

Euro is sharply higher, trading at 1.086 against Dollar.