EUR: Draghi has no important surprises to unveil - BBH

The euro's recovery ahead of the ECB meeting, seems to leave it vulnerable to a buy the rumor, sell the fact type of activity, suggests Research Team at ECB. 

Key Quotes

“Perhaps the rumor is that Draghi has no important surprises to unveil.  Nearly everyone is looking for an extension of the asset purchases, some operational adjustment to allow it to reduce the risks of scarcity, and some measures to make it securities lending program more user-friendly.  Also fitting in with a pullback in the euro could be an increase in the US premium over Germany on two-year money for the first time in five sessions today.  Initial support for the euro may be pegged in the $1.0740-$1.0760 area, with a break sending the single currency back toward $1.07.”