Rabobank - "Of today’s central bank policy meetings, the ECB will be the more interesting. Not only is this a function of the fact that the market will have a press conference to focus on but also because of the discussion as to whether the ECB is likely to cut interest rates again. Inflation in the region is proving to be a little stubborn. That said, the recessionary backdrop will keep the option of a rate cut alive although the current lull in the crisis suggests little reason for the ECB to use up any more of its ammunition right now. EUR/USD is unlikely to see any lasting impact from today’s meeting. We favour more consolidation in EUR/USD near-term. Trendline support around 1.2990."