Forex markets are consolidating ahead of the main risk event of the week as the ECB gears up for its latest monetary policy announcement. The market is very long on the euro, and subsequently there is an expectation that Mario Draghi will lay some ground work for ECB tapering later in the year. There will be no changes to interest rates (we still likely to be at least a year out from that), however with growth improvements and the strength of soft data such as the PMIs, there is likely to be an upbeat ECB President. However, with the strong run higher of the euro in recent weeks and extended positioning , there is a ... (full story)