The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4660 level and was capped around the $1.4755 level. Stops were hit below the $1.4700 figure, representing the 23.6% retracement of the run-up from $1.4310 to $1.4825. G10 central banks convened in Basel today and ECB’s Trichet said global economic growth remains quite robust but cited some downside risks including elevated commodity, food, and oil prices. Trichet reiterated there is no room for complacency against inflation and said there is danger of second-round effects on headline inflation. Data released in the eurozone today saw the EMU-13 economic sentiment indicator fall to 104.7 in December from 104.8 in November, above forecasts. Most traders expect the ECB to keep rates unchanged on Thursday and maintain a hawkish bias, especially ahead of IG Metall wage negotiations. Also, November EMU-13 producer prices rose 0.8% m/m and 4.1% y/y, above expectations, while EMU-13 November unemployment was unchanged at 7.2%. In U.S. news, Fed Vice Chairman Kohn said there the saturation of information the Fed is providing the markets leads to diverse views and has disappointed those who are looking for unambiguous guidance from the Fed. The fed funds futures market is currently pricing in about a 65% chance the Federal Open Market Committee will ease rates by 50bps at the end of the month. Euro bids are cited around the US$ 1.4465 level.