The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3125 level and was capped around the US$ 1.3150 level. Trading activity was muted on account of the Easter holiday weekend and liquidity will be reduced on Monday on account of the Easter Monday Bank Holiday. Data released in France today saw February industrial production off 0.5% m/m. Also, French March consumer prices were up 0.2% m/m and 0.3% y/y. Additionally, france€™s budget gap widened to ‚¬29.9 billion in February. Most traders expect European Central Bank will continue to ease monetary policy, especially as ECB President Trichet yesterday indicated €œone can imagine€ interest rates will move lower. Some dealers believe the ECB will begin a quantitative easing policy next month, probably by purchasing asset-backed securities in the market. In U.S. news, traders are talking about the Obama administration€™s plan to delay the findings of the bank stress tests. U.S. equity markets rallied yesterday after it was reported Wells Fargo realized a US$ 3 billion profit in Q1. Euro bids are cited around the US$ 1.3100 figure.