The 12:45 GMT European Central Bank verdict is not expected to generate a move in Euro Zone rates. However, in the accompanying statement (due at 13:30 GMT) the ECB President is expected to announce further "vigilance" and give the markets a better idea over the potential for a February hike.
25bps is widely expected to be heralded by Trichet and any such comments will underpin the Euro and see EUR/USD attempt to carve a rally. Into the North American open and dealers still see the downside in EUR/USD in focus while spot remains below 1.3000/05 and late Asian/early European trading saw bears eye the 1.2925 & 1.2900 areas.
Decent bids are seen into the 1.2925 level once more, with Asian central bank & option accounts in the frame, before sub-1.2920 are removed en-route to testing bids into 1.2910/15 and below. Elsewhere, Philly Fed data for December is set for revision at 17:00 GMT before the 19:00 GMT unveiling of the December Fed budget announcement. In other news; Gulf State ccy pegs to the USD are back in the spotlight after the earlier UAE C/B Gov comments.
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