EUR stable as USD celebrates Independence

From oanda.com

Eurozone service data was better than expected but still shows a steady decline that could force the European Central Bank to cut rates tomorrow. The ECB is expected to cut interest rates by 25 basis points but some analysts are warning that it could be a 50 basis points cut. The current European benchmark rate is 1.00 percent. After the end of the European Summit the Euro was given a shot in the arm to recover from the Spanish bank formal bailout request. This rally was shortlived as more disapointing Eurozone economic data was released with a growing market expectation of a rate cut by the Central Bank. Italian PM ... (full story)