The ECB's announcement of a new EUR750bn......>

FOREX: The ECB's announcement of a new EUR750bn asset purchase programme allowed

risk to take a breath, before it crumbled again inspiring a hunt for the

greenback. The single currency remained fairly solid, even as EUR/USD more than

erased its initial jump. The Antipodeans tumbled & NZD/USD hit a new 11-year

low, with the RBNZ reminding that it's monitoring mkt developments. AUD/USD slid

to worst levels since 2002 in the lead-up to the RBA's MonPol announcement.

Australia's central bank cut the cash rate to its effective lower bound of

0.25%, promised not to raise it for some time, and deployed QE, targeting the

3-yr yield of 0.25%. AUD/USD blipped higher in the initial reaction. JPY lost

ground since the ECB's move, extending losses into the Tokyo fix and then as

equity mkts plunged & USD turned out to be the preferred safe haven. Panic USD

buying saw record highs being printed by the likes of USD/MXN & USD/NOK, while

Indian state banks & BI reportedly sold USD to shield local currencies. USD/KRW

surged to best lvls since 2009, threatening to breach KRW1,300.00, even as RTRS

cited dealers suspecting USD sales by S. Korean authorities.

- Flash German Ifo Survey & RBA Gov Lowe's presser take focus from here.