Some QE is more open-ended than others -......>

FOREX: Some QE is more open-ended than others

- Those looking for the ECB to deliver intraday volatility got it in spades

Thursday, as the bank dished out fresh QE, rate cuts, extended guidance and a

new rate tiering policy to boot. The initial response was to sell the EUR, which

drove EUR/USD to challenge cycle lows of $1.0926.

- The weakness in the single currency was short-lived, however, as the market

eyed the unresolved nature of ECB purchase limits on bonds, which could bring

the new APP program to a end sooner than expected. This was compounded by a

fractured ECB governing board: as many as 7 governing council members opposed

fresh QE according to Bloomberg, leaving markets with a distinctly un-dovish

interpretation of the meeting. As a result, EUR/USD pared the day's losses

quickly, rallying to hit the week's highs of $1.1079 ahead of the close.

-The left EUR as the day's winner, at the expense of JPY, CAD and NOK, with the

latter currencies slipping further alongside oil prices.

-US import/export price indices, retail sales and the prelim September Uni. of

Michigan report take focus Friday.