Considering all of the major economic events taking place today, it has been a relatively quiet session for the EUR/USD pair.
As expected the European Central Bank (ECB) left the minimum bid rate unchanged at 1.00%. The accompanying press conference with Jean-Claude Trichet, president of the ECB, also failed to move markets. Typically, volatility can get pretty high during any of his statements, but particularly during the unscripted question and answer session on rate decision days can we see prices jump around quite a bit. Today though, not so much as this pair has only put in a modest low to high range of about 70 pips today. After a massive run by the euro yesterday though, it is not too surprising to see this pair take a pause and settle into a short-term range. There are a plethora of positive and negative factors to consider in both the euro area and the United States and investors have a massive challenge in trying to figure out which direction this currency may head. For the time being, the uncertainty is keeping this pair capped at both the floor and the ceiling.
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