EUR/USD – Euro tests 1.33 Line as Markets Await Key US Numbers

EUR/USD is steady, as the pair tests the 1.33 line in Wednesday's European session. On Wednesday, the German Constitutional Court will wind up hearings as to the constitutionality of OMT, the ECB bond-buying rescue program. In economic news, Eurozone Industrial Production posted another gain and beat the estimate. There are three releases in the US, including the Federal Budget Balance.

The ECB and the Bundesbank will continue to face off in court on Wednesday, as Germany's Federal Constitutional Court concludes its review the constitutionality of the ECB's OMT (Outright Monetary Transactions) program. Under OMT, the ECB can purchases bonds from members whose economies are in trouble. Last week, ECB head Mario Draghi stated that OMT had helped bring stability to the European and global markets and was a key monetary policy measure. Draghi's optimistic view lies in sharp contrast to that of Bundesbank President Jens Weidmann, who voted against OMT and is...