Nothing drove the ECB to the extremes more than oil. With Brent nearing $65.00/bbl we are now more than 2x the level of the bottom lows.
Oil at these levels means the ECB who has done nothing yet to pull back on the QE and rates cycle they implemented is that much more behind the curve.
They have articulated cutting half in 9m over 2018. They need to do more.
My view: The Euro moves higher on oil than USD and has most sensitivity of all major asset classes because of how it forced the ECB into beyond extraordinary measures.