Release of weaker than forecast flash...>

EURO-DOLLAR: Release of weaker than forecast flash EZ PMI data Wednesday acted

to take EUR/USD to an extended react low of $1.1127. Rate recovered to $1.1156

in NY, finding temporary support around $1.1140 before it settled between

$1.1133-40 into the close. The PMI data was seen as supporting the view that the

ECB is likely to signal further easing/rate cut at the Sep meeting (though some

see that cut coming at today's meeting, 10bps suggested along with an easing

bias). Early Asia edged rate to $1.1144 before it sank back again below $1.1140

finding support at $1.1134/33 into Europe. Further support noted at Wednesday's

low of $1.1127 with the May31 and May30 lows of $1.1125/16 close behind. A break

here to expose the YTD low of $1.1107 (May23) ahead of $1.1100. 

- Germany Ifo at 0800GMT provides a curtain raiser ahead of today's ECB

announcement at 1145GMT, followed by the ECB press conference at 1230GMT. 

- US Jobless Claims, Durable Goods to be released as Draghi is due to speak.