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EUR/USD steady as ECB releases programmes details

FXStreet (Córdoba) - EUR/USD barely reacted and continued to trade at the 1.2660 area after the European Central Bank released the details of the asset buying program announced last month.

Among remarks, the bank unveiled the programmes will last at least two years and will start in Q4 2014 starting with covered bonds in second-half of October. The programmes will enhance transmission of monetary policy, support provision of credit to the euro area economy and, as a result, provide further monetary policy accommodation. Eurosystem collateral framework is guiding principle for eligibility of assets for purchase.

EUR/USD is currently trading at 1.2660, up 0.32% on the day, having pulled back from a high of 1.2690 scored on the back of Draghi’s speech.

The ECB decided to leave rates unchanged as expected while Draghi reiterated the bank is ready to use further unconventional measures if inflation remains too low for too long.

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