Nothing in the 8:30 data will change to klousy economic backdrop. Claims were a bit higher than expected at 524,000 though continuing claims dipped a bit. The Empire State index from the NY Fed rebounded to -22.2 from -27.9 in December while PPI fell 1.9% .
The market is digesting the ECB cut and the unwinding of a big out-trade by a European bank. We trade at 1.3107 after testing key support at 1.3070/80. The ECB press conference is imminent.
