FXstreet.com (Barcelona) - Price action behind the euro crosses was volatile but ultimately lacking direction Thursday as the fundamental crowd awaited the bigger event risk expected to come down the line next week and settled into the general sense of congestion taking over the rest of the market.

Today's economic calendar wasn't empty though, said Terri Belkas, analyst at FXCM. The German GfK consumer confidence survey reported its first decline in seven month with its April reading.

All three of the main components behind the indicator (economic outlook, income expectations and willingness to buy) fell. Of greater interest this morning though were comments made by ECB member Lucas Papademos.