The euro is jumping up and down after the ECB cut its deposit euro by 10bps, as expected. Other rates were left unchanged. At the same time, the ECB will relaunch its bond buying programme with monthly purchases of 20 billion EUR, which is less than expected (30 billion EUR). The new round of QE is going to start on November 1. Moreover, the ECB decided to introduce a so-called tiering system which could ease downward pressure on bank’s profitability.