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The big event of the week is here, and EUR/USD is retreating ahead of the decision. Is the market awaiting the ECB to re-open the door to more easing? Will we get hints of helicopter money? The once unthinkable and still wild idea of dropping cash in into citizens’ hand still seems far out, but perhaps any talk that will bring down the euro could help Draghi reach the inflation target. In the recent past, pre-ECB falls in EUR/USD were followed by a big rebound. Apart from this event, watch out for UK retail sales after the poor jobs report and some US data.

Wrap up of the morning show for Wednesday, April 21st 2016: