The common currency of the European Union advanced to its four-week high against the world's reserve currency as the European Central Bank convenes its monthly meeting, Bloomberg reports.
The monetary units achieved gains against 13 of its 16 major rivals and Bloomberg-surveyed economists projected the central bank will not cut borrowing costs during the Thursday policy meeting. The bank's leader is slated to speak to reporters following the policy meeting.
"We expect ECB chief Mario Draghi to strike a dovish note at the press conference," states a Thursday client note authored by economist Luigi Speranza with BNP Paribas SA in London, according to Bloomberg. "Draghi is unlikely to kill off speculation as to a possible deposit rate cut in order to avoid any undesirable effects on the currency."
The advance for the 17-nation monetary unit against the U.S. dollar and the Japanese yen were as strong as 0.2 percent on Thursday.
Draghi is forecast to slash the ECB economic outlook at the media conference on Thursday afternoon with journalists who typically press him with inquiries about the direction of policy, according to Reuters.
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