Euro: ECB "may well need to prepare for verbal intervention"

A snippet from MNI overnight that appears to have gone largely unnoticed

• An MNI sources story, said ECB members gathering for a non-monetary policy meeting in Frankfurt Wednesday were likely troubled by the currency market reaction to the Fed's March statement and "may well need to prepare for verbal intervention."

MNI speculate on at what level verbal intervention might kick in:

• February highs of $1.1376... A break above that level might raise a few ECB eyebrows, but traders would not look for verbal intervention to kick in until closer to $1.1500 and maybe not until the $1.1700 highs seen last August

The same MNI piece also highlights below 110 for USD/JPY as a level to watch for more from the BOJ (jawboning intervention)