Today's Report

* Euro traded lower against the dollar on the back of speculation that the ECB will cut by 50 basis points on Thursday. This later was confirmed by Trichet in his speech yesterday that the global economy will deteriorate further in 2009. Bush, Bernanke, Trichet and all the bigwigs have been singing the same tune for the past several weeks.

* Trichet and Bernanke will speak at 5 pm and 9 pm respectively. US Trade Balance will be released at 9.30 pm

* Intraday bias of EUR/USD remains ont he downside for the moment. With EUR/USD still trading well within the inner falling channel, decline from 1.4719 is still in progress. Also, rise from 1.2423, as well as consolidation from 1.2329 could have completed at 1.4719 already. Below 1.3313 will target a retest of 1.2329 low. (ActionForex)

* Live Trading: Bought EUR/USD 1.3307 [Closed -50]