Euro rallied as investors were impressed by the central bank’s willingness to front-load stimulus. While the central bank did not lower interest rates and has been resistant to negative rates, they’ve been aggressive with bond buying. The ECB lowered their economic projections, but their forecasts were not as weak as the market feared. The ECB sees the economy contracting by 8.7% in 2020 and rebounding by 5.2% in 2021