US weekly jobless claims are expected steady at an elevated 480k at 8:30 EST. At the same time, Trichet has his monthly press conference, which is expected to be a bit of an anticlimax today. He surely will signal that the door is wide open to further cuts without “pre-committing” to cuts.
Markets remain extraordinarily volatile with volumes still a fraction of normal levels. Watch for stocks and EUR/JPY to set the tone for the balance of the session.