Oil Is Rallying, Currencies Are All Over The Place, And Stocks Are Surging

It's a wild day in markets.

Near 11:00 am ET, the US stock market was mostly doing nothing, with the Dow was up 75 points, the S&P 500 up 14 points, and the Nasdaq up 35 points.

But the action on Wednesday is in currency markets, with the euro bouncing around and the Canadian dollar tumbling after news out of both the European Central Bank and the Bank of Canada.

At 10:00 am ET, the Bank of Canada unexpectedly announced it would cut its main overnight interest rate to 0.75% from 1%, and following this news the Canadian dollar - known as the loonie - fell sharply against the US dollar.

The euro was also having a wild day, falling, then rising, then falling after a report from The Wall Street Journal's Brian Blackstone, as well as a report from Bloomberg's Alessandro Speciale, said the ECB will announce a €50 billion per month bond buying program on Thursday.

Bloomberg reported that the ECB's program will run through the end of 2016, potentially totaling €1.1 trillion, while the Journal's report said only that the program will run for at least one year.

On Thursday, the ECB will announce its latest policy decision at 7:45 am ET, with ECB President Mario Draghi set to told a press conference that will begin at 8:30 am ET.

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And after declining on Tuesday, the price of West Texas Intermediate crude oil was bouncing back, rising mor than 3% to around $48 a barrel.

On Tuesday, WTI broke back below $47 after last week gaining for the first time in almost two months.

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Also in the currency space, the Swiss franc was gaining ground against the dollar and the franc continues to appreciate following last week's announcement by the Swiss National Bank that it would no longer maintain its currency peg against the euro.

Additionally, the Aussie dollar was getting slammed against the US dollar in what is just a wild day in currency markets.

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