FX Closing Comments

FX pairs kept to tight ranges today, though the Dollar kept the upper-hand. The Dollar Index closed-up 27 ticks, as analysts await the verdict from the Bank of England and ECB tomorrow. There remains an outside chance that the ECB will move 50bp, which would likely send a shock through fx markets. As is usually the case, it is the press conference that will be most telling. The key word to watch for is "vigilance." or "continued vigilance". Also on tap for tomorrow is the Halifax survey on UK housing prices and UK industrial and manufacturing activity.