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Euro rises slightly ahead of ECB bond-buying decision

The euro rose on Thursday ahead of an expected slowdown in the European Central Bank's bond purchases, while the dollar maintained its recent gains as worries about the global economy prompted traders to switch to currencies that were seen as safer.

The euro rose 0.1 per cent to $1.1825 after a three-day retreat from Friday's two-month high of $1.1909.

The dollar index fell slightly to $92.644 after three consecutive days of gains.

The ECB will hold a policy meeting on Thursday where it is expected to announce a reduction in the pace of asset purchases, taking a symbolic step towards winding down the emergency economic assistance it provided during the pandemic.

Analysts polled by Reuters see bond purchases under its pandemic emergency purchasing programme (PEPP) falling to perhaps €60 billion ($71 billion) a month from the current €80 billion, before falling further early next year and ending the scheme. March.

But in the meantime, the ECB is expected to signal extensive support in the coming years after the PEPP expires.

"As far as the euro is concerned, it could benefit if a decision is made to taper, but whether the rally will be strong and prolonged will depend on any accompanying decision on other schemes and any comments on future plans," Thai ตลาดฟอเร็กซ์ experts said.

They said that if officials delay the move to slow down economic stimulus, the euro is likely to fall.

Stocks have fallen because of concerns about the global economy and fears that risky assets have risen too much in recent months.

The cautious mood helped the Swiss franc shelter . The dollar fell 0.3% to 0.9195 francs and the euro weakened 0.1% to 1.0885 francs.

The yen was also stronger, with the dollar losing 0.2% to 129.99 yen.

Sterling stabilised at $1.3778 after falling earlier in the week.

The Canadian dollar was down 0.2% to C$1.2721 to the US dollar, falling to its lowest level since 23 August on Wednesday.

The Bank of Canada left its key interest rate at a record low of 0.25% and maintained its current quantitative easing programme on Wednesday.

The Chinese yuan was flat at 6.4587 per dollar in offshore trade, although price data showed deteriorating conditions for Chinese companies.

Inflation at China's factory gates hit a 13-year high in August despite Beijing's attempts to cool them, while consumer inflation unexpectedly slowed, signalling weak consumption.

The emerging-market currency market was generally lower as investors sold riskier currencies.

"One big difference from the fourth or first quarter is that the range of economic and inflationary effects is much wider, given the uncertainty about how COVID and inflation develop," said Steve Englander, head of global currency research at Standard Chartered Bank in New York.

"Investors could quickly shrug off the risk if it turns out that one of these tail risks is becoming more prominent," he added.