EUR/USD shot higher, topped out at......>

EURO-DOLLAR: EUR/USD shot higher, topped out at $1.0981, pared gains and last

trades +43 pips at $1.0957. The rate jumped the ECB announced that it is

launching a new EUR750bn asset purchase programme of private and public sector

securities to counter the impact of the coronavirus pandemic. In addition, the

ECB will consider raising its existing QE limits. ECB President Lagarde

commented that there are "no limits to the ECB's commitment to the euro."

- Worth noting that the ECB will buy Greek debt, something it hasn't done under

its QE programme, due to the country's credit rating.

- This comes after an emergency call of the ECB's Governing Council. Late doors

Wednesday, French FinMin Le Maire called upon the central bank to act "quickly

and massively," while ECB's Villeroy stressed that the Bank is determined to

prevent the fragmentation of the eurozone.

- Bulls have their sights set on the Mar 16 low/50-DMA at $1.1048/34. Bears look

for a pullback under Wednesday's trough at $1.0802.