Euro Strengthens on ECB’s Unlimited Bond-Buying Plan
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The euro rose against most of its 16 major peers after two central bank officials said European Central Bank President Mario Draghi will announce unlimited sterilized bond buying to quell the region’s debt crisis.
The 17-nation currency climbed to a two-month high against the dollar last week amid optimism Draghi would announce additional monetary stimulus at tomorrow’s ECB meeting. The pound touched a three-month high against the dollar as services growth accelerated, adding to speculation the central bank will refrain from policy stimulus. Canada’s dollar weakened even as the Bank of Canada Governor Mark Carney reiterated that an increase in the central bank’s interest rate may be needed.