The euro rose in European trade on Thursday against a basket of major rivals, extending gains against the dollar for the second session and approaching a six-week high ahead of the European Central Banks policy meeting.

The ECB is expected to announce the seventh consecutive rate cut in a row and could provide clues on the path ahead for policies in the second half of the year.

The Price

The EUR/USD price rose 0.15% today to $1.1417, with a session-low at $1.1404.

The euro closed up 0.4% on Wednesday against the dollar, approaching a six-week high at $1.1454.

Eurozone Inflation

Recent official data showed the eurozone inflation below the ECBs 2% target, showcasing the receding inflationary pressures on policymakers.

The ECB is scheduled to wrap up its policy meeting today, and will likely cut interest rates by 25 basis points to 2.15%, the lowest since October 2022, and the seventh such cut in a row.

ECB President Christine Lagarde is scheduled to hold a press conference right after the meeting to provide the overall official opinion on policies and the outlook.