EUR/USD hits four month high, ECB in focus

Euro is witnessing steady moves ahead of monetary policy decision from the European Central Bank or ECB. Euro spiked sharply this week and tested a four month high of 1.0828. It currently quotes flat at 1.0800 mark as attention has shifted to the ECB, which is widely expected to cut its key interest rate by 25 basis points to 2.5% amid an easing in eurozone inflation in recent months. ECB policymakers comments on the economic and inflation outlook will be key over the course of the trading session. Meanwhile, the US dollar index tanked 1.36% yesterday and broke under 105 mark. US dollar index trades down 0.08% on the day at 104.14.

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