Despite the ECB announcing a host of measures which clearly outdid market expectations, the Euro trimmed its losses and instead closed yesterday with strong gains. After the initial announcement of interest rate cuts and QE expansion, the single currency fell to session lows of 1.0820. However, during the press conference, Mario Draghi said that he doesn't anticipate further rate cuts given the current stance. The Euro quickly recovered off the lows and traded as high as $1.12, posting a two-week high, gaining nearly 1.70% for the day. In the press conference, the ECB President noted that interest rates will remain low for an extended period of time even after the current QE purchases end. While European stocks initially gained on the news, equities fell sharply following the steady rise in the single currency. The German DAX closed lower by 2.31% erasing the gains made earlier in the day including the US equity markets.