The Euro was up 0.2% against the Dollar in early morning trading on Thursday, ahead of a key meeting of the European Central Bank (ECB) later in the day. Additionally, the Euro was able to make impressive gains against the Yen, trading at above the 132.50 line, up 0.7% from last night. While the ECB is expected to keep interest rates unchanged for the time being, there are rumors that some of the emergency measures taken last year to prop up the currency could be removed.

The Euro did not fair as well against the other high risk currencies, and suffered losses against the Aussie in early morning trading. The AUD hit an 8-day high against the Euro, trading above 1.6200 earlier today. The British Pound also made gains against the Euro in trading on Wednesday falling to a session low of 90.36 pence. If ECB decides to keep interest rates low, traders can expect the Euro to continue a downward trend against the other high risk currencies