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Sticks and stones or just words? ECB in focus for the EUR/USD today

Since my last update, the EUR/USD has drifted a little lower, pushed further back by yet more downside in the EUR/JPY. To put that in context, the EUR/JPY was trading above 163.50 at one stage on Monday. It is trading close to 161.25 right now this morning. It is that dynamic that is pushing the EUR/USD lower. Of course the main event for the EUR/USD today is the 1.15pm GMT ECB policy announcement. The markets do not expect any changes in the three ECB benchmark rates and that prospect is almost a done deal, Well, as close to a done deal as it could be. So, it could be all down to what, if anything the ECB boss has to say in her 1.45pm press conference that will decide the closing level for the EUR/USD tonight. This author remains on standby to be unimpressed by anything she has to offer, but once again it is policy action and not words that will ultimately matter most of all. There will be more to add on that. The EUR/USD is currently trading at 1.0893

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