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Hardy: EURUSD sell-off as dovish Draghi hints at more QE

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The European Central Bank President, Mario Draghi, has delivered a 'dovish blast of forward guidance' says Saxo's John Hardy with his 'explicit rhetoric'. Hardy said the ECB will re-examine the degree of QE stimulus in December and that it could continue beyond September 2016 if necessary. 

The euro has responded with a steep sell-off with EURUSD trading below 1.12. Hardy says it fell further after Draghi mentioned that another cut in the already negative Deposit Facility Rate was discussed.

John says the focus is next week's FOMC meeting.