EUR rose carefully on the European market on Thursday against a basket of major and secondary currencies, continuing to rise for the third day in a row against the USD. This comes ahead of the decisions of the Bank of Europe at the end of its meeting on monetary policy, Of the European economy. Most expectations are that the bank will reduce the value of the program and extend its term after it ends in December.
The euro rose against the USD by more than 0.1% as of 08:25 GMT, trading at 1.1825 USD, the opening price of 1.1812 USD and a high of $ 1.1836 and a low of $ 1.1809.
The EUR ended yesterday’s trading up by 0.5% against the USD, its second daily gain in a row, with strong data support in Germany showing high levels of confidence in the business climate in October to its highest level ever.
The European interest rate decision will be released by 11:45 GMT. ECB Governor Mario Draghi will speak by 12:30 GMT and most economic forecasts indicate that interest rates will remain unchanged at record lows of 0%.
For Europe’s stimulus package, the program is expected to be cut by 20 billion EUR to 40 billion EUR a month starting in January 2018, and the program will be extended by six months or nine months after it ends in December.
Mario Draghi announced at the previous meeting on 6-7 September that the bank would reassess its bond purchase program and would make important decisions on monetary policy instruments during the October meeting.
Draghi stressed that members of the bank expect to keep interest rates at their current levels for a long period of time, and bond purchases will continue at 60 billion EUR a month until the end of December.
The ECB had reduced the value of the bond purchase program at the December 2016 meeting to60 billion EUR from € 80 billion EUR per month and extended the program to another nine months from March 2017 to December 2017.