MNI is reporting that the euro is still not strong enough to prompt monetary policy action, citing ECB sources. It could be interpreted as a signal the ECB won’t cut at the upcoming meeting. They say the majority of at the ECB see little FX risk to econ recovery and that the stronger euro reflects renewed confidence. They also see no exit soon from ECB’s non-standard policy measures. Offers at the European high of 1.3568 have capped the move so far. (full story)