The European Central Bank held the benchmark interest rate at 1.0% as expected. Mario Draghi’s press conference following that offered no hint of stimulus action or rate cut going forward. The reaction to the “inaction” has so far held the EUR/USD above 1.31, as it popped up above 1.6165 and above the short-term consolidation zone coming into this risk event. The 10:00AM EDT US ISM Services PMI is another key risk event ahead of the 5/4 US Non-Farm Payroll release. The ISM manufacturing data earlier in the week was what gave the USD a boost this week. Can the services data help chip away at QE expectation and help ... (full story)