The euro drifted lower as the countdown clock ticked into the ECB's announcement and press conference. EUR-GBP selling after solid UK retail sales data, and EUR-JPY supply amid yen outperformance, lent some added fuel to euro selling. EUR-USD logged a low of 1.3302, which is the lowest point traded since Oct-9, before settling moderately higher. We think the risks are for a break lower in the pair as Draghi is likely to keep the door open to an expansion in the QE program if needed further down the track. AUD-JPY logged a two-week low at 85.99.
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