ECB Rehn speaking on the wires:

  • markets seem to be reading ECBs forward guidance correctly
  • it is wise in monetary policy to not tie one's hand too early if there is no need

The EURUSD trades above and below the 100 hour MA at 1.16855. The 50% of the move up from last Friday's low comes in at 1.16779. The low on Monday reached 1.16749.