ECB's Weidmann: Fiscal policy should be first in combating crisis

Commenting on the European Central Bank's policy announcements, "we acted decisively but the fiscal policy should be first in combating the crisis," said Jens Weidmann, ECB Governing Council member and Bundesbank President.

Earlier in the day, the ECB has announced that it kept its interest rates unchanged but said that it will be stepping up bond purchases by a total of €120 billion until the end of 2020.

EUR/USD reaction

Although the EUR/USD pair spiked to 1.1300 with the initial market reaction to the ECB's policy decisions, it staged a sharp U-turn and was last seen trading at 1.1094, erasing 1.54% on a daily basis.