EURUSD has settled to the upper 1.2380s, trading softer today after rallying in the five previous sessions, yesterday leaving a 19-day high at 1.2446. EURJPY and the euro crosses have been seeing a similar price action. A Bloomberg report alleging that the ECB has lifted its 2018 growth projection had little impact on the euro, although it lifted Bund yields. The market is hunkered down ahead of the ECB announcement. No policy actions are expected, but the central bank’s forward guidance with regard to QE will be of specific interest. Market participants are also watching the development of Trump’s tariffs and global response, and ultimately what economic impact might be. EURUSD has settled around midway levels of a range that’s been seen since late January, which marks a consolidative phase after rallying out of sub-1.1600 levels that were seen last November. Support is at 1.2370-72, which is presently being tested.
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