Greenback Remains Under Pressure Ahead of Event Risk

It has mostly been a session of consolidation with market participants content on taking to the sidelines ahead of the much anticipated event risk this morning in the form of the BoE and ECB rate decisions. While the ECB should generate less attention and is expected to maintain its same line on the outlook for the Eurozone economy, the UK event risk should generate some more volatility, with traders anxiously waiting to see what the MPC does with its quantitative easing measures.