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Euro falls from 1-week highs after ECB vote

  • Dollar rises after ECB vote subdues the euro
Jock Fistick | Bloomberg via Getty Images

The euro fell from a one-week high on Thursday after a European Central Bank meeting where policymakers extended its bond-buying.

The euro slipped 0.4 percent against the dollar on Thursday to $1.1759.

Long euro/dollar has been among the best performing currency trades this year with the pair up nearly 13 percent so far this year though the single currency has come under some pressure in recent weeks on concerns interest rates in the ECB will remain at record lows far longer than the U.S.

Latest CFTC positioning data shows that net euro longs have retreated from their record highs though still remain near multi-year highs at above $13 billion.

The dollar index, which measures the greenback's value against a basket of six major currencies, rose 0.26 percent to 93.95, edging toward a two-week high of 94.017 set on Monday.

The dollar has been bolstered recently by optimism about the prospects for a tax-cut plan, and as investors pondered the possibility that Stanford University economist John Taylor could become the next Fed chief.

U.S. President Donald Trump is expected to announce his Fed chair candidate before his Asian trip in early November.

Against the yen, the dollar was broadly flat at 113.66 yen.