Where's the euro headed after ECB?

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The euro strengthened unexpectedly against the dollar last week despite the European Central Bank's (ECB) multi-faceted easing package announced last Thursday.

The euro/dollar pair hit a session high of 1.1217 on Thursday, before retreating slightly to close the week on Friday at 1.1150.

ECB cut its main refinancing rate to 0.0 percent and its deposit rate to negative 0.4 percent. The central bank extended its monthly asset purchases to 80 billion euros ($87 billion), to take effect in April. The bank will also launch a new series of four targeted longer-term refinancing operations with maturities of four years, starting in June.

Some interpreted the rally in the euro as a sign that the ECB was reaching its limits on monetary stimulus.

The U.S. Federal Reserve meets later this week, where market watchers expect policymakers to stand pat on rates.

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