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EUR/USD edging higher as ECB policy decision looms
The ECB monetary policy decision is now just come 20 minutes away and ahead of this the EUR/USD is edging a little higher. The earlier low remains in place at 1.0849 and the Euro is just now edging back above 1.0865. This looks like nothing more than Euro short-covering ahead of the ECB decision, which does kind of make sense given the recent downside. The Euro is going to move again once the ECB deliver whatever interest rate reduction they decide upon shortly. The risk of a deeper, 0.50% cut is clearly balanced by that of just 0.25%, or even a very unlikely unchanged outcome. All to be revealed shortly now
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