As expected the ECB made no changes.....>

EURO-DOLLAR: As expected the ECB made no changes to its monetary policy stance

on Thursday. President Draghi started on a more positive tone re: inflation, but

this was quickly reversed after the ECB noted it will hold rates steady through

the summer of 2019.

- Markets interpreted the press conference as mildly dovish, which added

pressure to the cross, alongside broader USD strength, as EUR/USD dipped back

under $1.1700, printing a low of $1.1638 in early Asia-Pacific dealing.

- The pair has stuck to a narrow range thus far, trading unchanged at $1.1645.

- Hourly support from July 20 is noted at $1.1620, while hourly resistance from

July 09 is noted at $1.1790.

- Focus now turns to next week's flash EZ CPI & GDP data, as well as Germany's

flash CPI data, before focus moves the final PMI readings from across the region

and EZ retail sales later in the week.