In another dramatic day we have seen lower oil, lower stocks, an ever stronger Japanese yen and commodity currencies pressured. However, the Japanese authorities seem to dislike the current levels of JPY, the Bank of Canada did not cut and helped stabilized CAD, the US stock market made a rebound of sorts and the Chinese authorities injected lots of liquidity. Could the doom and gloom atmosphere fade away? It's unclear. A lot depends on Draghi: the ECB president is set to lay out his view on the current situation and prospects for more action. EUR/USD is extremely tense. Follow the live coverage on FXStreet.

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