With an assist from the BIS, EUR/USD is rebounding modestly. The top of the range was extended overnight but so far the bottom of the range at 1.3460 is holding firm.
A move back above 1.3500 is needed to the the immediate downside pressure off the single currency.
The highlight for the balance of the session is likely to be the minutes of the last FOMC meeting, dues out this afternoon. The minutes themselves are likely to be unsurprising but we will get a look at the staff projections for growth, inflation and unemployment that the FOMC is now using to form policy. Expect a modest upgrade over prior projections.
