What to expect from the ECB later today as EUR/USD edges towards 1.10 again

As already noted here earlier, the ECB is set to lower all of its three benchmark rates later today. The forecast on those is not one-dimensional in terms of the actual adjustments. The marginal lending facility is expected to be cut to 3.90%, from 4.5%. The deposit rate is forecast to be cut to 3.5% from 3.75%. The refinancing rate is forecast to be cut to 3.65% from 4.25%. So, as you can see there are a number of variable permutations within  that lot and it might not be straightforward in that sense. That could make for some interesting price action, if any of those outcomes do not match expectations. That could throw up some confusing price action in the immediate moments following any outcome that does not match the consensus. Just now the EUR/USD has edged back towards that 1.10 handle again. The low seen a moment ago was set at 1.1006. Obviously, with the Fed set to lower rates by at least 0.25% next week, ultimately this might all wash through, but for now it is the ECB that is getting ahead of the Fed in that respect and that is keeping the Euro under pressure. The EUR/USD is currently trading at 1.1011