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Forex Daily Technical Report Euro Strengthens against Dollar and ...

Euro strengthens against dollar and yen ahead of the highly anticipated ECB rate decision and press conference today. It's widely expected that ECB will raise rate by 25bps to 3.75% today after Trichet's signal with the usage of "vigilance' in last meeting. While ECB is still expected to continue tightening this year, the opinion on the timing is divided and hence, focus of the markets will again be on the following press conference on clues on timing of next hike. The below 2% target inflation and persistently strong money supply growth have been the major topics in the market on forecasting ECB's next moves. Today's 2008 inflation forecast will be closely watched and should solve part of the puzzle. Meanwhile, BoE is expected to keep rates unchanged at 5.25% and will likely be a non-event.