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Art Cashin: This could lead to 'currency wars'

Attention spans on Wall Street have shifted overseas as the European Central Bank prepares for an important meeting next week, veteran trader Art Cashin told CNBC on Thursday.

"There is real fascination with what they will do," said Cashin, the director of floor operations at NYSE for UBS. "Whatever it is, it will have to be an attempt to get rates to move lower and that's why people are piling in here, covering shorts and doing other things."

Read More6 ways to beat coming interest rate hikes

Cashin said many on Wall Street remain "puzzled" over what the ECB could do to stimulate economic growth and whether a quantitative easing program modeled after the Federal Reserve's could work in Europe.

What's more, interest rate cuts in Europe could set off "currency wars" if central banks in Japan and China follow suit, Cashin said. His comments come as stocks rose slightly Thursday morning, sending the S&P 500 to another record level.

"That could be a negative," Cashin said.

—By CNBC's Jeff Morganteen.

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