Breaking: EUR/USD dips as the ECB pushes back interest rate guidance to H1

-- more to come --

The European Central Bank was expected to announce a new funding scheme with generous conditions to banks (TLTRO). The ECB has previosuly pledged to maintain low rates until at least the end of the year. President Mario Draghi will unveil the bank's new growth and inflation forecasts later on – minor downgrades are expected. 

EUR/USD was trading below 1.1250 ahead of the all-important decision.