ET:Euro rises to 4-week high versus dollar before ECB rate decision
LONDON: The euro rose to a four-week high against a weaker dollar on Thursday before an European Central Bank meeting where it is expected to keep interest rates unchanged.
Investors had been building short positions against the euro on expectations that the ECB could lower rates and take its deposit rate to below zero, if the economy deteriorated.
But according to a Reuters poll, the ECB is unlikely to cut its refinance or deposit rate later on Thursday.
The euro rose to $1.3127, its highest level since May 9 and up 0.2 percent on the day.
The euro's gains dragged the dollar index to a four-week low of 82.394.
