Centrists at the ECB are continuing to downplay the prospects of early tightening, although markets continue to price a hike in Sep 18. Understandably the ECB is concerned that markets will overshoot on any early hint of early tightening. Look out for Eurozone PMIs today. These have been running strong and suggest Eurozone growth may be running at 2%. We’re still clinging to the view that the 1.0850 area is the top of the EUR/USD range, but that could be severely tested if the US healthcare bill fails in the House today.