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Euro oscillates around $1.25
Just over twenty four hours before the latest interest rate decision and statement from the European Central Bank, and EUR/USD is once again oscillating around the $1.25 level.
Considering the selloff we have seen in EUR/USD over the last six months, where 1,200 pips have been lost, it is difficult to argue for too much more of a move. Especially when you consider how limited any bounces have been in this time period.
Thursday is unlikely to see any change in the interest rate, but that will not stop the markets from expecting some sort of nod towards stimulus from the ECB president Mario Draghi.
As my colleague David pointed out yesterday, the asset-backed securities (ABS) purchase scheme will commence this month.
In the event of no change, a drift back below the $1.25 level looks likely for the euro.