EU leaders secured a €90bn loan package for Ukraine, a market-friendly outcome for the Euro (EUR), as EUR/USD drifts toward support near 1.1680 with range trading likely to persist, ING's FX analyst Chris Turner notes.

ECB fails to move markets

"Late last night, EU leaders managed to secure a EUR90bn loan for Ukraine. The money would be funded from the joint EU budget (excluding Hungary, Slovakia and the Czech Republic) and would not involve frozen Russian assets."

"That is probably the best outcome for the euro in that it does not raise challenges over property rights nor require some imaginative use of emergency legislation. Presumably, it should also add another EUR90bn to the EU's pool of safe faxed income assets – and should find willing buyers."

"EUR/USD is drifting towards the lower end of recent ranges. Yesterday's ECB meeting was not a market mover after all, and the new set of forecasts probably leaves room now for market rates to be priced both higher and lower from here. Let's see if EUR/USD support holds at 1.1680/1700 and option activity drags it back to 1.1750 by 1600CET today."