The dollar gained versus the euro on Thursday as members of the European Central Bank gather today for a meeting to decide on economic policy.

The dollar was at $1.5309 at 7:23 a.m. in London compared to $1.5392 a day earlier in New York. The U.S. currency was at 104.44 yen. The euro was down against the yen from aat 158.97 yen from 161.23 yesterday.

The ECB is expected to key its benchmark interest rate for the 15-nation euro steady at 4 percent, with the Bank of England doing likewise but at 5 percent to the pound sterling.

The European Union is facing inflation over 3 percent in the 15-country euro region even as the economy slows. The International Monetary Fund released a report on Wednesday indicating that euro region economic growth will be 1.4 percent compared to 2.6 a year earlier.