Euro tacks on ahead of ECB

Euro tacks on ahead of ECB

On Thursday, the common currency held firm ahead of an upcoming ECB policy gathering. Meanwhile, the Canadian dollar hovered at two-year maximums after the Bank of Canada shocked many traders by lifting interest rates.

The common currency soared 0.1% reaching $1.1928. However, it was still fluctuating below the previous week's maximum of $1.2070, which is its highest value since January 2015.

The euro has lost some momentum since reaching that 2-1/2 year maximum, suppressed by ascending expectations that a stronger single currency could slow the ECB’s plans to tame its bond-buying stimulus.

Only 15 of 66 financial experts surveyed by Reuters told that they actually expect the ECB to unveil a reduction of its monthly asset purchases during Thursday's ECB policy gathering – an abrupt reversal from last month, when slightly over half of experts hoped for such a move.

The Canadian dollar last hit C$1.2238 per greenback. On Wednesday, this currency had scaled a maximum of C$1.2140, which is its highest outcome since June 2015.

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