Only 27 of 73 economists polled by Reuters think the ECB will cut rates between now and year end.

I suspect the ECB will cut rates again but not before wrestling some sort of concessions from EU finance ministers on long-term structural reforms. The ECB feels it has done more than its share to shore up the banking system and the economy while the politicians have not nearly done enough.

EUR/USD is consolidating losses in the 1.2435 area, weighed down by Greek elections concerns and the perilous state of the Spanish banks.