The euro had another good day against the dollar yesterday

The euro had another good day against the dollar yesterday, sustained by weak US data and anticipated support from the European Central Bank. The euro rose to $1.5305 before dropping back to $1.5285. The markets are expecting ECB President—Jean Claude Trichet to express little concern about the weakening dollar in his statement after the ECB monetary policy meeting later today. Against sterling the euro rose to 0.7682, another record high for the single currency. Looking forward, the ECB is expected to leave its refinancing rate on hold at 4.0%, with the markets closely monitoring the press conference straight after the rate decision, for any change in rhetoric from Jean-Claude Trichet on their tough anti-inflation stance.
Data at 12.45: European Central Bank Rate Decision expected to be unchanged at 4.0%