The euro fell against the dollar and other major currencies after the ECB’s highly anticipated announcement to launch QE. Saxo Bank’s Head of FX Strategy John Hardy gives his reaction and says the ECB impressed the markets with its plans for a monthly asset purchase programme worth EUR 60 billion, far larger than expected.

Media reports based on leaks had suggested QE would be around EUR 50 billion a month but ECB President Mario Draghi managed to beat expectations and positively surprise the markets. 

The European Central Bank’s QE programme will start in March 2015 and last at least until September next year.