ECB sources:
Baseline for September is no change in policy rates.Those seeking another rate cut will face a battle.Policymakers is set a high bar for a September rate cut.Rate cut would require deterioration in data, lower projections.The EURUSD moved to a low of 1.1729 during the early part of Lagarde's press conference, but rebounded higher. A new high going back to July 7 was reached at 1.1788. That tested the July 7 high at 1.17894 and the July 6 high at 1.1787. Getting above those levels would next target the July 3 high at 1.1808 followed by the July 1 high at 1.1830..
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