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Forex pairs in this Article » EUR/USD (London) - The euro has been supported running up to the ECB rate decision later today. The common currency saw steady gains yesterday as markets pared back bets that the ECB might move to further cut interest rates or introduce another LTRO facility.

EUR/USD is up slightly to USD1.3519 up 0.04 percent and climbing steadily from yesterday’s intraday lows at USD1.3453.

The euro had been driven to highs at USD1.3805 on the prospect of any tapering of the Fed’s quantitative easing programme being pushed well into 2014. However, the euro sold off heavily last week thanks to below-expected inflation numbers fuelling speculation that the ECB may move to further cut its main refinancing rate from an already record-low 0.5 percent. Selling pressure has now subsided on the strengthening consensus that the ECB will wait for further data before committing to a cut in rates.
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