### - POV - Underlying Eur/Usd tone.....>

EURO-DOLLAR: ### - POV - Underlying Eur/Usd tone remains buoyant ahead of this

afternoon's key ECB rate announcement/ECB Draghi press conference. Focus set on

today's ECB announcements, some seeing a chance that policy may be reported at

the 1145GMT rate announcement, though most await ECB Draghi press conference at

1230GMT. Staff forecasts due for release at today's meeting will also provide

interest, EZ economic growth outlook expected to rise while EZ inflation

expected to be marked lower due to recent Eur strength. From comments ahead of

today's meeting the likelihood that there will be no actual announcement on QE

seems high, though with a possible hint at future action. This could have the

effect of pressing back on Eur/Usd, though rate would need to break below

$1.1820 to negate the current positive tone. However, ECB tapering is in the

pipeline which should attract fresh buying into any negative react dip. As was

seen in the initial reaction to last Friday's NFP it is suggested that rate

could run into headwind supply at $1.1980/1.2000, stronger at the recent high of

$1.2070(Aug29). Market suggestions are that ECB not keen on Eur/Usd above

$1.2000.