What is surprising about the ECB’s move is that it also drove other currencies to fresh lows. Aside from euro, the British pound and the New Zealand dollar dropped to their lowest levels in 1 and 2 years respectively as investors consider the possibility of the Bank of England and Reserve Bank of New Zealand reversing course and easing instead of tightening. We believe that such a dramatic turnaround is unlikely but the ECB’s decision certainly highlights the gravity of falling price pressures. Sterling came within a whisker of 1.50 and could break that level if Friday’s retail sales report surprises to the downside. Between the decline in oil prices and the drop in spending reported by the British Retail Consortium, chances are 1.50 will break and if that happens, there is no major support until 1.4825. Thursday morning’s U.K. economic reports were soft with the CBI Total Trends index falling.