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New lows for EUR after court ruling

EURUSD down at levels last seen in December 2005 in the wake of interim ruling by the European Court of Justice saying that the ECB’s OMT bond buying program, launched in 2012, is legal. This program was never actually implemented. Indeed, it was the most successful central bank program that was never put in place, because alongside Draghi’s promise to do “whatever it takes” it allowed for a sustained rally in peripheral bond markets.

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