The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5405 level and was supported around the $1.5310 level. The common currency established a new lifetime high on Friday before coming off and has been rangebound today, hemmed in by comments from European Central Bank President Trichet who indicated he is concerned about present excessive foreign exchange market moves. Most traders do not expect central banks to conduct intervention to slow the dollar’s descent and many dealers view the euro’s dips as buying opportunities. Data released in the eurozone today saw Germany’s January trade surplus rise to €17.1 billion from €10.7 billion in December. In U.S. news, the markets are currently pricing in a 75bps monetary easing from the Federal Open Market Committee on 18 March and that would lower the federal funds target rate to 2.25%. The markets are pricing in about a 183% chance of a 50bps easing with the prospect of another rate cut on 30 April and the likelihood of lower interest rates is keeping the U.S. dollar on the defensive. Data released in the U.S. today saw January wholesale inventories up +0.8% from +1.1% in December. Euro bids are cited around the US$ 1.5145 level.