The market mood has improved on higher oil prices and some positive data for China. The Canadian dollar certainly took advantage of this, also thanks to a not so dovish BOC decision. On the other hand, the kiwi certainly suffered with a surprising rate cut and more in the pipeline. The stage is set for the big event: the ECB rate decision. EUR/USD is slightly lower in range ahead of the move. Draghi and co. are expected to cut the deposit rate by a minimum of 10bp and some expect 20 or 30. The size of the QE program could rise by 10 to 20 billion euros. But the devil may also be in the details and we discussed all those potential details.
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