Excitement over expectations that an ECB bond-buying programme will be announced tomorrow have reached a boiling point, pushing the euro to broadly outperform other currencies overnight as well as in early North American trade.
In equities, Asian indices were down as disappointing Australian data and China worries weighed, and European equities were mixed as weak PMI data squared-off against ECB expectations. Given activity in the last 18 hours, a classic “Buy the rumour, sell the news” pattern looks to be forming.
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