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The euro wavered on Thursday, well off its overnight peak as investors adjusted position ahead of a policy meeting by the European Central Bank later this session. The ECB is widely expected to hold interest rates unchanged at record lows, but President Mario Draghi is likely to drive home the case for ultra-loose monetary policy.
Last month, while the ECB delivered aggressive easing measures, the euro perversely rallied after Draghi said there was probably no need for more rate cuts if the latest stimulus worked. With three major central bank meetings looming, market participants cited a lack of market conviction on direction bets. The Federal Reserve is scheduled to hold its policy review on April 26-27, while the Bank of Japan will meet on April 28.
BOJ officials are growing more receptive to stepping up monetary easing measures by buying more ETFs invested in shares, as weak global growth threaten the country's fragile economic recovery, sources have told Reuters. On Wednesday, BOJ Governor Haruhiko Kuroda said the central bank's presence in the exchange-traded fund (ETF) market is "not too big," signaling that topping up purchases of ETFs could be a real, near-term option.
EUR/USD: during the Asian session the pair traded in the range of $1.1285-05
GBP/USD: during the Asian session the pair traded in the range of $1.4320-40
USD/JPY: during the Asian session the pair traded in the range of Y109.55-90
Based on Reuters materials
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