The euro is climbing ahead of the ECB's crucial meeting
The euro is climbing on Thursday, as European investors await the latest policy decisions from the European Central Bank.
The ECB delivers its latest verdict on monetary policy at 12.45 p.m. GMT (7.45 a.m. ET), with a press conference from President Mario Draghi 45 minutes later. The bank is expected to leave its base interest rates unchanged at 0% but could announce an extension to its quantitative easing (QE) programme.
QE is set to stop in March 2017, but the ECB is widely expected to keep buying assets beyond that horizon given that growth and inflation both remain subdued in the eurozone.
As a result of expectations, the euro is marginally higher on the day. At around 10.45 a.m. GMT (5.45 a.m. ET) the currency is up by just over 0.35% against the dollar, trading at its highest level in roughly three weeks.
Here's how that looks:
Markets Insider
That was expected, but the rapid recovery of the currency, which actually closed higher the day after the vote, was not.
Societe Generale said in November that it expects the euro to hit parity against the dollar for the first time in almost 15 years at the start of 2017 as political uncertainty in the single currency area begins to crystallise.
Parity between the euro and the dollar will be driven by two big catalysts: European politics, and a strengthening dollar following the expected rate hike by the US Federal Reserve in December.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market