Euro edges up before ECB decision

On Thursday, the common currency managed to inch up because market participants waited for further details of the ECB’s intention for scaling back its bond- buying program. Meanwhile, the evergreen buck took a breather following its recent surge.

The euro tacked on 0.1% being worth $1.1824, having grown from a two-week minimum of about $1.1725, demonstrated on Monday.

On Thursday, the EU’s major financial institution is widely anticipated to unveil a scaling back of its ambitious bond-buying stimulus measure, taking a huge step in unwinding a long period of loose monetary policy.

As a Reuters survey of market experts suggests, the ECB is supposed to disclose that it’s about to get down to trimming its asset purchases to nearly 40 billion euros a month, down from the current outcome of 60 billion euros. The measure will be probably kick off in January.

The evergreen buck has been recently spurred by optimism regarding the prospects for a tax-cut initiative. Moreover, market participants pondered over the likelihood that Stanford University market expert John Taylor could head the Fed soon.