Flash: ECB to stay pat, sell into EUR/USD rallies - Westpac

FXstreet.com (Barcelona) - The ECB is likely to stay pat on any monetary policy modification later today but expectations are high for a dovish rhetoric at the press conference from President Draghi, says Sean Callow, Global FX Strategist at Westpac.

Callow notes: "He will also of course be pressed over Portugal’s turmoil and is likely to reiterate the ECB’s commitment to the bond backstop program OMT." Referring to the EUR/USD, the Westpac Strategist additionally said that "EUR may find some support on such pronouncements but we remain sellers into EUR/USD rallies on a multi-day view."