The ECB has been running a €60 billion per month bond buying program in an attempt to revive growth and inflation among the Euro Area member states. The Central Bank announced on Thursday that it will now extend the stimulus at a pace of €30 billion in purchases per month from January until at least September of 2018, but tried to provide a cushion by deciding to continue reinvesting proceeds from maturing securities. Money markets are now pushing the likelihood of a first 15-basis point ECB interest rate hike further into the second quarter of 2019. This decision contrasted sharply with speculators anticipating the Central Bank would surprise would a hawkish decision. The EURUSD pair has since snapped a two-day rally following the announcement to currently hover around the 1.1640-mark, down nearly -1.30% for the week.