Euro ticks higher ahead of ECB decision
The euro traded higher on Thursday on worries that the European Central Bank (ECB) President Mario Draghi may try to talk the currency down after the bank announces its interest rate decision later today.
Market participants will be looking for clues as to whether Draghi and other members of the ECB's Governing Council are concerned about the euro's rise this year. In particular, economists worry that a stronger euro will put pressure on Eurozone exports and cause a slowdown in the bloc's economic output and price growth.
The joint currency climbed 0.48% against the US dollar to sell for 1.19741 at 11:48 am CET, having risen 13.77% since the beginning of the year. The euro was 0.3% higher compared to the British pound, changing hands at 1.091 for one unit of sterling at the same time. The currency was up 0.05% relative to the Swiss franc and grew 0.18% against the Japanese yen.