According to a report in the Frankfurter Allgemeine Zeitung the ECB has been warned that its bond buying program could cause inflation by the six German economic think tanks.

Perhaps as a sop to the Bundesbank, the ECB will keep its refi rate at 0.75% and its depo rate at zero for the near future, a minor plus for the euro.

EUR/USD is approaching 1.2900 after triggering small stops above 1.2875/85, where the BID was a small seller earlier in the day.