EUR/USD trades flattish at $1.1274,.....>

EURO-DOLLAR: EUR/USD trades flattish at $1.1274, consolidating after yesterday's

post-ECB whipsaw.

- The rate stuck to a ~20 pip range through the first half of the day, before

the ECB left its interest rates at record lows, extended its forward guidance to

"at least through the first half of 2020" and said that TLTRO rates could be as

low as deposit rates +10bps if lending criteria is met, or as high as refi rate

+10bps if lending criteria is not met.

- EUR/USD dipped to $1.1203 in the immediate reaction, but bounced promptly as

the ECB proved less dovish than many exp., failing to signal any near-term

easing. EUR/USD extended gains through $1.1300 during the subsequent presser,

but dropped back below the figure as ECB Pres Draghi disclosed that policymakers

discussed further rate cuts. EUR/USD tested $1.1300 continued to test $1.1300

before ebbing off of best levels, but remained elevated.

- Bulls look to yesterday's high of $1.1309, bears eye the 50-DMA at $1.1212.

- On the EZ data front, German and French ind outputs & German trade balance

take focus today. Comments from ECB's Nowotny & Rimsevics are also expected.