ECB seem to be in no hurry to continue scaling back its asset purchase program, though Draghi said they'll likely do so in October. Growth forecasts were revised higher and inflation forecasts lower, which may keep euro appreciation pace contained.

Unwinding of so called Trump trade is what is also driving EUR/USD gains. The pair posted another cycle-high this night, continuing its slow but steady grind higher. It's possible that there will be no significant retracement until some kind of a capitulation spike.

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