Breaking: EUR/USD slumps to 2019 lows near 1.11 following ECB's policy announcements

The shared currency came under heavy selling pressure in the last hour with the European Central Bank (ECB) reiterating its willingness to adjust all of its policy instruments and suffered losses against its major rivals. In its statement, the ECB further noted that the introduction of new net asset purchases was one of the options being considered.

Following the initial spike to 1.1160, the EUR/USD pair staged a sharp U-turn and lost more than 50 pips to touch its lowest level of the year at 1.1106. As of writing, the pair was down 0.28% on the day at 1.1109.

Meanwhile, market participants are eagerly waiting for ECB President Draghi's press conference. Our live coverage of the presser could be followed here.