ECB QE programme priced into FX market

A disappointment could lead to 1-2% appreciation

ECB in Frankfurt
ECB headquarters

The foreign exchange market has already priced in the effects of the European Central Bank's (ECB) expected quantitative easing (QE) programme on January 22, strategists say, with some anticipating EUR/USD could even appreciate following the announcement.

A favourable legal opinion from the European Court of Justice and the Swiss National Bank's (SNB) decision to abandon its EUR/CHF floor have raised expectations of the ECB announcing the adoption of a QE programme in line with those pursued by

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