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All eyes on ECB then!

ECB left rates unchanged. Euro higher on the back of the announcement

Limited reaction after rate announcement takes out a few stops above 1.2640, main focus the press conference in 35 minutes

Short term players continue to buy Euros looking to take out 1.2825 barrier and trigger stops just above 1.2830.

Macro fund on the offer at 1.2810 at the moment.

Swiss private bank large seller of EUR/USD, runs into good bids 1.2790 from corporates.

Spain causing recent sell off in the euro as 10 year yields move back above 6%.

Spain's deputy PM says still considering the conditions of a possible bail-out. This has triggered stop loss selling below 1.3080.

Some good bids noted ahead of 1.3050, prop accounts mixed with real money names. More stops below these could see 1.3020 if triggered.

Hearing a UK name on the offer in EUR/USD. Stops above 1.3090. Good bids from 1.3020 down to 1.300.

US name buys GBP/USD but runs out of steam just ahead of supposed offers at 1.6275 level.

If MPC minutes are less dovish than expected, will open the way for 1.63+

Fast money and UK names the main sellers EUR/USD taking the pair lower. Not far from the supposed bids 1.3020-00.

Hearing of stop losses just below 1.30 and more below 1.2980 level.

Dutch name added to the list of euro sellers. Normally associated with recycling euros accumulated by a European central bank.

Running into some buy interest from short term players taking profits on short positions.

Euro lower across the board after yesterday's poor IFO data and real money names selling in Asia. End of month flows in EUR/GBP also blamed.

Levels to watch on the downside EUR/USD are 1.2883 and reputed large stops at 1.2850. On the upside 1.2960/70 is where the buy stops are.

GBP/EUR holding below 1.2605 resistance but with the single currency under pressure and cable looking bid expect this to be tested further.

A break could see a move towards 1.2660