Euro near four month high against US dollar ahead of ECB decision

Euro is holding onto its recent gains ahead of the European Central Bank (ECB) monetary policy decision later on today. The ECB is likely to keep interest rates unchanged in its today's meeting after a 25 basis point cut in June. The main refinancing rate is expected to remain at 4.25% for the month of July, the deposit rate at 3.75%, and the marginal lending rate at 4.5%. Data out yesterday showed that Euro Area inflation slightly decreased to 2.5% in June from 2.6% in May. EUROUSD pair hit a near four month high of 1.0980 yesterday before pausing and currently trades at 1.0960, down marginally on the day.

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