One factor helping boost the euro today is growing talk that the ECB will end the fixed rate 1 year-refi and offer 1-year funding with a floating interest rate. Presumably the rate will float firmer than the 1% rate the ECB has been offering to date. The next 1-year refi comes next month, and will be closely watched, as always.

Most see the floating rate option as a precursor to a number of tightening steps in 2010, despite ECB cautions not to interpret technical moves as such.

EUR/USD is consolidating gains in the 1.5070s after stalling just shy of the 1.5100 level where barriers are rumored to be stuck. 1.5050/60 is support on pullbacks with more at 1.5015/25.