FXstreet.com (Barcelona) - The euro depreciated vis-Ã -vis the U.S. dollar today as the single currency tested bids around the US$ 1.2480 level and was capped around the $1.2665 level.
As expected, the European Central Bank voted to decrease its main refinancing rate target by 50bps to 1.50% from 2.00%, the lowest level in the ECB's ten-year history. At the same time, the ECB released a grim set of economic forecasts.
All eyes will be focused on tomorrow's U.S. February non-farm payrolls report with most economists preparing for a very weak report, especially after ADP reported 697,000 private sector job losses last month, said GCI Financial Team.
Euro bids are cited around the US$ 1.2385 level.