Is an ECB rate cut now priced into the EUR/USD at 1.0500?

Later today, at 1.15pm GMT the ECB will deliver an interest rate cut to the markets. The only question on most peoples minds that care about such things; is will it be 0.25% or possibly something more aggressive? Well, the consensus is it will be 0.25%. However, as noted here before, some in the markets are bent on more and in truth perhaps the ECB needs to be more aggressive in this regard given the situation across the region right now. So, there is a clear argument for that, even if it does not transpire later today. So, with the EUR/USD at 1.0500 is a 0.25% reduction now priced in? Well, there is an argument to suggest it is, especially with the way clear now for the Fed to do the same next week. There will be more to add on this as the morning unfolds. Meantime, the Euro is rising to session highs. The range seen so far today has been covered by 1.0493 to 1.0527, following a close last night at 1.0496. The EUR/USD is right now at 1.0523