Intra-Day News and Views and data to be released today - EUR/USD

Intra-Day Market Moving News and Views

EUR/USD - 1.1294... The single currency proved quite tricky to trade yesterday as despite trading with a firm bias in Asia and edging up to session highs at 1.1366 in early European morning, price retreated sharply to 1.1302 in Europe before rebounding to 1.1351 at New York open. However, renewed selling there knocked price down and the pair tumbled to 1.1258 in New York morning, then lower to 1.1251 in Australia today. Later, price erased its losses and rallied to 1.1333 in Asian morning on usd's weakness due to falling U.S. yields and stocks.

Euro's intra-day rebound from 1.1251 suggests the correction from Monday's 13-month peak at 1.1494 has possibly ended there and consolidation with upside bias remains for stronger retracement to 1.1351, then 1.1366. However, initial offers at 1.1390/00 should cap current rise and yield retreat later.

Market focus is now on the European Central Bank's rate decision at 12:45GMT, followed by President Lagarde's presser at 13:30GMT. Investors should pay close attention to what steps the central bank will take to contain the current global growth concerns after the Federal Reserve and Bank of England announced surprise rate cuts recently.