So, what have we learned?

That yesterday’s leaks were spot on.

That there is an inherent contradiction in the rationale behind the ECB’s program.

Merkel is okay with what the ECB has announced.

That US labor anecdotes are showing signs of improvement, as is housing. Those have been the most severe drags on the US economy.

We got what we expected from Draghi and better than we expected from the US. Risk is on, somewhat, but China still remains a major concern.

Seems like a day when the dollar can hold its own. No obvious winners in this scenario beyond USD/JPY but it is difficult to chase that dog when it has already run a pretty long way, relative to recent history.