The shared currency of the European Union dropped to its lowest rate in roughly two months against the Japanese yen on Wednesday as speculation developed that the European Central Bank will intervene to prompt regional economic development and growth, according to Bloomberg.
ECB stimulus measures could ensue as soon as June, during the bank's next policy meetings. Peter Praet, an executive board member, told a German publication that the body is considering various measures. The euro climbed in value against the world's reserve currency.
"We've had three big figure moves since last week so overall it makes sense for it to stabilise around here for a moment," trader Graham Davidson with NAB in London told Reuters on Wednesday. "But my feeling is the overall direction is still down."
The euro fell about 0.3 percent against the Japanese yen on Wednesday after having dipped to its lowest rate since early March. The euro rose about 0.1 percent against the dollar.
South Korean and Chinese central bank sales spurred the 18-nation monetary unit's performance during the Wednesday trading session, according to Reuters.
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