Immediately after the Ben Bernanke and the Federal Reserve offered nothing dovish to the financial markets, the U.S. dollar surged agains the euro.
Now, all eyes are on Mario Draghi and the European Central Bank, who will be announcing their monetary policy decision later this afternoon.
The question is whether Draghi will put his money where his mouth is. Last week, he said he’d do “whatever it takes to preserve the euro.”
Citi’s Steve Englander is worried that everyone may have misread Draghi.
Here’s a look at where the euro is heading this morning.