Euro descends from 14-month peaks with ECB meeting in focus

Euro descends from 14-month peaks with ECB meeting in focus

On Wednesday, the common currency pulled back from its highest peak since May 2016 versus the greenback because traders waited for the outcome of Thursday’s ECB policy meeting.

The currency pair EUR/USD slid 0.19% hitting 1.1530, which is still not far from Wednesday’s peaks of 1.1582.

Anticipation has been mounting ahead of the gathering after ECB President Mario Draghi sent the common currency with hawkish comments on the euro zone revival in his speech in Sintra, Portugal the previous month.

The remarks happened to signal a drift towards tapering monetary stimulus, although Draghi also repeated that any changes to the stimulus program are going to be cautious and gradual.

The ECB is actually experiencing a balancing act between reducing stimulus because the economy strengthens while financial markets are still jittery and inflation, which is still below the bank’s objective of close to, though just under 2%.

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