The euro is expected to continue gaining on its main currency rivals today, as investors continue to move to riskier positions in the marketplace following a rally in the U.S. stock market. While EUR/USD saw moderate downward corrections in trading yesterday, it still managed to make some significant gains, and is currently trading around a 7-week high. Meanwhile, the 16-nation currency continues to dominate the safe-haven yen. EUR/JPY has soared over 200 pips in the last 24-hours, largely due to the belief that the euro is moving toward solid ground.
Today, both the European Central Bank and British Monetary Policy Committee are scheduled to release statements about their respective interest rates. While neither is expected to raise interest rates, and positive statement will like lead to more gains for the currencies against the U.S. dollar and yen. Also, should the U.S. unemployment claims come in as expected, traders can assume the dollar will slide further against its European counterparts.