EUR down on ECB QE announcement

Макроэкономика 23.01.2015 After the ECB announced its QE program to purchase EUR60bn per month for one year, the EUR dropped by more than 2%, pushing the US dollar index up 1.25% yesterday and 4.22% year-to-date. Although the Russian ruble rose 1.57% on the news, as the EU is Russia's top trading partner, any weakness of its currency (the euro) will have a negative impact on the ruble. The hryvnia's trade weighted value rose 0.14% yesterday and 5.75% YTD.