ECB Keeps Rates Steady; Market Eyes Trichet

NEW YORK (TheStreet) -- In a move that held no surprises, the European Central Bank held rates at 1%, with all eyes now focused on the press conference at 8:30 a.m. EDT. (You've got to like the fact that a live press conference with unscripted Q&A takes place).

The main analysis by traders, ahead of the Wall Street open, will be the mention on inflationary pressures, and the ECB "only having one needle in its compass," a reference to the Federal Reserve's mandate that covers a raft of operations.

Jean-Claude Trichet, the head of the ECB, also may enlighten on staff reports in regard to recent output increases, something that may push euro/dollar values along.

In the inter-connected spider webs of global trade, a long-euro move will allow speculative interest to build in crude, and S&P 500 futures, so long as weekly jobless claims are in-line with their expected 563,000 read.