Euro Erases Loss After Report ECB Considers Tapering Bond Buying

The euro erased losses after Bloomberg reported the European Central Bank will probably gradually wind down bond purchases before the conclusion of quantitative easing.

The shared currency was little changed after euro-zone central-bank officials said the ECB may reduced purchases in steps of 10 billion euros ($11.2 billion) a month.

“The market is clearly surprised,” said Eric Theoret, a currency strategist at Bank of Nova Scotia in Toronto. “The last press conference was all about fears for the ECB as they exhausted the universe of purchase-able assets.”

The euro was little changed at $1.1194 as of 12:07 p.m. in New York, after falling as much as 0.7 percent.

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