Forex – Euro Rises as ECB Drops Pledge to Extend QE

© Reuters. Euro rises as ECB drops pledge to extend QE – The euro rose across the board on Thursday after the European Central Bank dropped its pledge to expand its quantitative easing bond purchasing stimulus program, in a more hawkish rate statement than expected.

was trading at 1.2421 by 08:14 AM ET (13:14 GMT), up from around 1.2372 earlier.

The euro gained ground after the ECB , if the euro zone economic outlook were to deteriorate, in a sign that it is moving closer to ending its massive easing program.

The central bank also left euro zone interest rates unchanged at a record low of zero, as expected.

The euro was also higher against the yen and the pound, with advancing to 1.2417 from an intra-day low of 1.2369 and up 0.13% to 0.8942 from 0.8917 earlier.

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