Session Recap: Majors steady waiting for ECB

FXstreet.com (Córdoba) - Most crosses in the FX market have seen a session of consolidation as investors remain cautious ahead of the ECB policy decision amid growing expectations the bank could cut interest rates.

Against this backdrop, EUR/USD has traded within a 40-pip range just below 1.3190. It was last down 0.1% on the day around 1.3160/65. GBP/USD and USD/JPY trade little changed at 1.5570 and 97.30 respectively, while the Australian dollar is among the worst performers, weighed by disappointing print from the Chinese PMI.

Main Headlines in Europe (in chronological order):

Forex: Will additional liquidity measures be taken outside of an ECB Rate Cut?

Germany: PMI Manufacturing falls to 48.1 in April

EMU: PMI Manufacturing slightly down to 46.7 in April

Commodities Brief – Precious metals in retreat ahead of ECB rate decision

UK: PMI Construction rises more than expected in April

European markets cautiously higher ahead of the ECB