The pair closed in NY Wednesday at $1.3094 after rate had recovered earlier in the day from $1.3053 to $1.3116, dropping back to $1.3060 into early NY before recovering through the US afternoon into the close. ECB rate decision day provided for a fairly quiet euro-dollar trading session overnight, with most attention placed on yen and Aussie plays. Euro-dollar bounced between $1.3087/98 in early Asian trade before getting pressed to session lows of $1.3075 where it met willing buyers that allowed for a recovery through the balance of the session with rate able to step its way to an overnight high of $1.3107 ahead of the European open. Asian traders have reported that sell interest, which provided the counter Wednesday between $1.3100/20, seen `reloaded`, with stops reported through $1.3120/30. Ahead of ECB, Germany to release factory orders data at 1000GMT. On the rate decision (1145GMT), most analysts expect no change in rates at today’s meeting but will focus on the press conference (1230GMT) and will take direction on Draghi remarks (how dovish, any mention of negative deposit rate interest). After ECB Friday’s key US Employment Report will provide next focus.
