The shared currency of the European Union held on to its Wednesday uptick against most of its major counterparts on Thursday as European Central Bank policy makers met, Bloomberg reports.
The body is unlikely to cut interest rates due to strong economic progress in the region. The president of the financial institution is scheduled to speak once the meeting adjourns to announce the policy decision.
"It's extremely likely there will be a rate cut in December," money manager Yannick Naud with Glendevon King Ltd. in London told Bloomberg on Thursday. "Cutting the interest rate will not be a boost to the economy, but what we will see is that there will be an effect on euro-dollar or euro-yen. Mario Draghi has to do everything to lower the euro because the recovery in Europe will come from exports."
The euro held on to advances of 0.3 percent against the world's reserve currency. The euro edged up 0.1 percent against the Japanese yen.
As strong forces apply pressure upon policy makers to cut interest rates, Reuters reports the likelihood is high that they will not.
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