The euro fell hard against the U.S. dollar Tuesday, while European stocks and bonds surged on the prospect of the European Central Bank ramping up its asset-purchase program in May and June.

By late afternoon, the euro was down 1.6% against the buck on the day at just over $1.11, after the ECB published comments delivered by board memberBenoît Coeuré saying the central bank would moderately front-load purchases in its bond-buying program in anticipation of less market liquidity in the summer.

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