All eyes on the ECB and its dovish stance weighed anew on the euro which surrendered most of its gains from the day before that largely stemmed from somewhat underwhelming news on the U.S. consumer.
As expected, the ECB left its main lending rates unchanged and its recently implemented €60 billion a month QE program intact. At his post meeting news conference, Mr. Draghi held steadfast and dovish, saying the bank would continue full steam ahead with its growth positive, euro-negative QE program and implement it fully - seen taking until September 2016, at the earliest.
The euro should remain at risk to plumbing new multiyear lows given the different paths of policy in Europe compared to the Fed that is moving toward a rate hike.
