An hour to go before the ECB- EUR/USD hits session lows

The combined impact of a number of developments today has helped to push the EUR/USD back below the 1.04 handle now. For some while earlier it managed to resist the drop but it just now fell to fresh session lows, around 1.0390. That is not much above the low point seen yesterday, at 1.0383. So, with just under one hour to go now before the ECB deliver an expected rate cut, the market is gunning for the Euro it seems. There might be some short-term stops in place below 1.0383, but that is not confirmed here. Look, no one will be surprised by an ECB cut now and of course the big surprise will be in the opposite direction. As to whether there is a Euro rebound after any potential rate reduction is a little uncertain too. Even if there is, the prospect of Euro sellers on any rally is just as live, provided the ECB boss, Christine Lagarde does not give rise to any suggestion; that a cut today is the last one to come. The EUR/USD is currently trading at 1.0395