Cutrrency strategists at UBS are setting a tactical long in euro-dollar
around current levels, ($1.5417) ahead of the ECB meeting and press
conference, with a target in mind of $1.5700. They argue that the
market has pushed euro down too quickly and, while European economic
data has taken a turn for the worse, "the hard facts have not yet
changed, i.e., a turn of the "ECB's needle in its compass" - which is
inflation standing at 4% (ECB's target is below 2%)." Thus it is hard
to imagine the ECB turning dovish at this time, they say. Stop is at
$1.5280.