ECB were very dovish at their yesterday's meeting, where they signaled that they may act as early as in December. While expansion and extension of the current QE program was always a possibility, cuts to the deposit rate are back on the table despite -0.20% was often cited as a lower bound.

The most affected pair was, of course, the Euro but the Swisse took advantage of broader US dollar strength that came in the aftermath of the decision. The pair is now back above 50 DMA with September (~0.9840) and August (~0.99) highs back into focus.

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