EURUSD is rising; the ECB is reducing the QE program.
The major currency pair is trading upwards quickly. The current quote for the instrument is 1.1661.
The European Central Bank meeting wasn’t expected to have any unanticipated results, but it did surprise investors indeed. The regulator’s QE program in the monthly amount of 30B will continue until the end of September and then it will be decreased up to 15B until the end of 2018.
It’s quite interesting that the ECB Governor Mario Draghi didn’t point at such possible decision earlier and provided no hints to investors. However, the Euro was significantly supported by this decision and started rising.
As a result, the European regulator will close the QE program in December. Still, according to the regulator, after the program is closed, the ECB will start reinvestment procedure, which may take quite a long time. The benchmark rate remained unchanged at 0%, the same as expected.
In general, the European currency may continue strengthening unless the statistics and news from the USA eliminate this positive momentum created by the ECB decisions of course.