The Euro jumped over 300 points in afternoon trade after the European Central Bank agreed to increase their stimulus program which sent shockwaves through the currency markets.

Although initially falling after the ECB cut their benchmark rate, the Euro sharply rebounded after a speech from ECB president Mario Dragi.

Most analysts had been expecting the ECB to announce further rate cuts down the line in an effort to boost the economy, but in an about turn Mr Dragi announced that it was doubtful that further cuts would be needed.

“From today’s perspective, we don’t anticipate it will be necessary to reduce rates further,” Mr Draghi said.

Although rates may remain on hold, he also noted that the current rate will be sustained far into the future as the economy recovers and the added stimulus program kicks in.

“Rates will stay low, very low, for a long period of time and well past the horizon of our purchases,” Draghi said,