Common currency clings to ECB tapering expectations

Common currency clings to ECB tapering expectations

On Thursday, the euro held close to a 14-month peak versus the greenback because traders look to clues from the ECB on tapering of its stimulus, while the Japanese yen barely budged after Japan’s major financial institution kept monetary policy intact.

The ECB is supposed to lay the groundwork for an autumn policy change when meeting on Thursday, stressing improved surge, while trying to temper hopes having set off a mini-tantrum in financial markets.

Mario Draghi, ECB President welcomed policy tweaks in a recent speech in Sintra, Portugal, spurring hopes that the ECB is geared towards announcing cuts in its asset purchasing program.

The euro is currently at $1.1515, rebounding from Tuesday's $1.1583, its highest outcome since May 2016, while maintaining gains of 3% since ECB Governor’s speech.

Versus the Japanese yen the common currency didn’t change, showing 129.10 yen, off the 17-month high of 130.76 demonstrated the previous week.

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