A 25 bp cut is still fully priced into the market but the recent recovery in share markets and the uptick in German inflation to a three-year high earlier today have trimmed the odds of s deeper 50 bp cut.

Earlier this week there was an 88% chance of a 50 bp cut. Those odds have been trimmed to 29%.

EUR/USD continues to find support on dips to the 1.3600 area. Stops are seen below 1.3580.