BNP are straight in with a short at 1.3620 and are looking for 1.3200 with a stop at 1.3820. Draghi delivering “a significant set” of policy measures, “significantly” leaving the door open for QE was enough for BNP strategist Daniel Katzive, who writes in a note.

UBS economist George Magnus calls the negative rate move “ludicrous” and “ineffective” as deposits at the ECB are almost zero.

RBS says it will be at least two years, and maybe even four before we see an ECB rate hike. The ECB have thrown the kitchen sink at the problem says Michael Michaelides.

Morgan Stanley’s Elga Bartsch sees more rate cuts as preferable to QE. The ECB isn’t ready to deploy the balance sheet yet she says.

So far BNP is the only one putting their money where their mouth is in direct reaction to today’s events. Good trade?

No doubt over the days ahead we’ll hear more on what the banks think.