Analysts at TD Securities noted the sharp turn around today in the Euro on the back of the ECB announcements, actions and then Draghi's presser that was a game changer. Key Quotes: "The ECB went for maximum impact today, with a whole suite of easing options announced at its usually quiet 11:45 CET announcement time. Rates were cut across the board, with 5bps cuts to the marginal and refi rates, and a 10bps cut to the depo rate. President Draghi extended forward guidance during the press conference, saying that rates would remain at or below current levels “well past” the horizon of net asset purchases. QE was expanded by €20bn/mo to €80bn/mo starting in April, with the eligible collateral expanded to include investment grade euro-denominated non-bank corporate bonds. The program remains in effect until March 2017, as previously announced. The ECB launched four new four-year TLTROs, with rates as low as the depo rate (now -0.40%), depending on how much the banks lend out. The last of the TLTROs runs until 2021. But during the press conference, President Draghi unwound all of the days euro move and then some, with rates and risk markets paring back some of the gains, by stating that in the Governing Council’s view, it was not necessary to reduce rates further from their current levels." For more information, read our latest forex news.