I had been holding off on this note awaiting details of the ECB’s new asset purchase program, but deadline approaches and I can’t hold off any longer. The ECB is really dragging out QE announcement today. At 7:45 am EDT it announced no changes to interest or deposit rates as expected. ECB President Draghi started his press conference late, announced the asset purchase program will start in October and that it will run for two years plus all the usual blah blah stuff about supporting the economy and the need for fiscal reform. President Draghi is talking the talk but it remains to be seen if he will walk the walk. The big news in terms of the size of the program is coming at 9:30 am EDT, so keep an eye on our intraday insights and Twitter feeds on more details about the market action. EUR is trading up slightly since the press conference started but could be much more active when the rest of the news comes out because as always, the devil is in the details. US and European indices are trading slightly lower today. US jobless claims indicate a healthy employment market in the US heading into tomorrow’s nonfarm payrolls. US stocks appear to have paused their retreat but remain in correction mode as traders look ahead to tomorrow’s big nonfarm payrolls report which could see either a big increase or a big upward revision to last month’s report. USD is slipping a bit again in more backing and filling. NZD and AUD, which have been the most depressed lately, have taken the most advantage of the USD pause to rebound on short covering. CAD is up moderately. GBP is underperforming its peers after Bank of England Deputy governor Broadbent suggested it could be a while yet before a UK interest rate increase. Crude oil is getting pounded again today with WTI falling back under $90.00. Even though US inventories fell yesterday, traders appear to still be concerned that growing supply could outstrip demand particularly with Germany slowing amid a struggling Europe looking for the ECB to ride to the rescue. Corporate News Agrium announced Q3 EPS guidance of $0.45-$0.55 below street $0.65 Economic News Economic reports released overnight and this morning include: ECB interest rate no changes to interest or deposit rates as expected ECB QE US jobless claims street 297K NZ commodity prices (1.3%) vs previous (3.3%) Australia trade balance ($787M) vs street ($800M) Australia building permits 14.5% vs street 12.7% Spain unemployment 19K vs street 18K UK construction PMI 64.2 vs street 63.5 Eurozone producer prices (1.4%) vs street (1.2%) ECB interest rate no changes to interest or deposit rates as expected ECB QE US jobless claims street 297K Economic reports due later today include: 10:00 am EDT US factory orders street (9.5%) 10:30 am EDT US natural gas street 107 BCF