The
euro headed for its best week in more than a month against the dollar
as signals the European Central Bank is unlikely to cut interest rates
further outweighed the latest expansion of stimulus that exceeded
expectations.
The
single currency, the world’s worst-performing major currency over the
past month heading into the ECB meeting Thursday, is the best performer
among the developed-nation currencies over the past week. It rallied as
much as 2 percent after ECB President Mario Draghi explained more rate
reductions probably won’t be needed.
The
euro was little changed at $1.1179 as of 9:13 a.m. in Tokyo, after
surging 1.6 percent to $1.1177 on Thursday. The common currency has also
strengthened 1.6 percent this week, the most since a 3 percent advance
in the period ended Feb. 5. It slipped 0.1 percent to 126.34 yen from
Thursday when it rose 1.5 percent.
Source: Bloomberg
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