The dollar was soundly thrashed in N.Y. trade on Thursday, as the ECB threw a curveball at the FX market. The Bank underwhelmed market expectations by cutting the deposit rate by just 10 basis points, versus consensus for at least 20 bps, and by not adding to monthly QE purchases. EUR-USD posted its best one-day rally of the year, ranging from 1.0522 lows to 1.0942 highs. Wall Street slumped, as Treasury yields soared. Incoming U.S. data was largely in line with forecasts, but for a services ISM miss, as jobless claims and factory orders matched expectations.
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