On Dec 3,2015, ECB president Mario Draghi delivered a quantitative easing (QE) plan that was way less than what the markets had expected, the euro first dipped 80 pips then rocket soared 400 pips, making it the biggest one day gain in a year.
Today, march 10, 2016, Draghi shocked the market at 7:45am eastern time, announcing a comprehensive plan of ECB to cut all interest rates, increase QE to €80bn and launch 4 new TLRTO's. Seemed to the market like he fired all his guns in one hit
euro plummeted 170 pip down to 1.0820 ish, and roughly 50 minutes later, in the Q and A section of the press conference , when Draghi said ecb doesn't see any need to reduce rates further, shit happened. Market reversed madly , first up to the level of 1.0970 where the plan was announced, consolidating there a little bit, then with the help from panic short covering , taking out stops at 1.1070ish, ended up as high as 1.1140ish now, that is a 330 pip roller coaster move.
Draghi is dubbed as super mario, who would love to jawbone down euro whenever he has an opportunity. But recently he has done a wonderful job. Just love this guy.