Oct. 4 (Bloomberg) -- The euro stayed higher versus the dollar and yen after European Central Bank policy makers kept their benchmark interest rate at a record-low 0.75 percent.
The decision was forecast by 48 of 52 economists surveyed by Bloomberg News, with four predicting a 25 basis-point cut. ECB President Mario Draghi will speak at a news conference to explain the decision at 2:30 p.m. in Ljubljana, Slovenia.
“There is a reasonable minority that is looking for a rate cut,” Adam Cole, global head of foreign-exchange strategy at Royal Bank of Canada in London, said before the decision. “We don’t, but recognize there is a risk. To the extent that there is that minority expectation, no change would probably be a small positive for the euro.”
The euro rose 0.4 percent to $1.2957 at 12:45 p.m. London time. The common currency advanced 0.6 percent to 101.86 yen. Japan’s currency was little changed at 78.62 per dollar.
The 17-member currency strengthened 0.2 percent versus the greenback after the ECB left the main refinancing rate unchanged and agreed to an unlimited debt-purchase program at its previous meeting on Sept. 6.
The euro has risen 2 percent in the past month, according to Bloomberg Correlation Weighted Indexes. The yen fell 1.8 percent in the period, and the dollar dropped 1.5 percent.
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