EUR/USD sits at 1.4855, marginally firmer from a North American close Wednesday around 1.4825. Talk has a 1.4750-1.4950 dnt in place, apparently expiring tomorrow, and those parameters are holding price action at the present time.

ECB rate decision today. A hike would come as a bit of a shock. If no hike, then market will look to Trichet to provide clues as to whether hike will come next month or the month after that. Market convinced rate hike will come within next three meetings.

Euro zone data:

10:00 GMT: German factory orders for March expected +0.4% m/m, +15.4% y/y

11:45 GMT: ECB rate decision

12:30 GMT: Trichet press conference