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Above: File image of Christine Lagarde. Image by Dominique HOMMEL. © European Union - Source: EP

A tactical preview of the euro to dollar exchange rate heading into the big ECB and Fed decisions.

Euro-dollar is currently hovering in the 1.15-1.18 band (mid-to-upper end of that), and traders are looking to the two big central bank decisions to change that.

First up is the Federal Reserve decision on Wednesday, followed by Thursday's European Central Bank decision.

The Fed is widely expected to cut interest rates by 25 basis points this evening.

Analysts at Commerzbank point out the market has already priced that in, so it would take a surprise to move the dollar significantly.

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