The euro struggled in two short-lived forays above 1.25; topping out at 1.2507.
The pair has since slipped back to 1.2478.
One of the factors (although probably only a small one) is that $2 billion in options run off tomorrow at 1.25. On Thursday, there’s a similar sized cluster of options at 1.2450.
The ECB decision on Thursday is the main event this week.
