EUR/USD waiting on the ECB

Yesterday the price action in the EUR/USD was at best indeterminate and mostly driven by the swings in the EUR/JPY. So, far today that dynamic seems unchanged. The USD/JPY looks like it is still the driver in that respect and the EUR/USD is clearly waiting on the ECB policy decision this week. That comes at 1.15pm on Thursday and the markets overwhelmingly expect a cut. That is as much a 100% certainty as it could possibly be, but the question is; will it be 0.25% or perhaps 0.50%, There has been a lot of commentary in recent days to suggest the ECB should be more aggressive, but at the same time many ECB officials have still been touting a gradual approach to monetary easing. So, the Euro is in two minds on that it seems. The range yesterday was covered by 1.0530 to 1.0595 and it later closed in the US at 1.0554. The drop back from the session highs came as the USD/JPY rebounded and US yields lifted into the European close. The range seen so far today has been covered by 1.0545 to 1.0568. So, as you can see, it has not broken any fresh ground yet today. At the same time, it is showing little sign of testing the topside again this morning, currently trading at 1.0552