This Thursday, European Central Bank (ECB) Mario Draghi is expected to reveal details of a reduction in monetary stimulus, in what may turn out to be the most eventful meeting of the central bank this year.
Expectations for this week's ECB meeting are nothing short of a big "taper" plan for next year. Other questions by market participants include, how much will the ECB reduce the run rate of their asset purchase program and for how long will they extend it?
EUR/USD trades quietly and held near 1.1763, as the near term focus shifts predominantly to Thursday's European Central Bank policy meeting.
According to market participants, the ECB is expected to start trimming its monthly asset purchases to 40 billion euros from 60 billion euros in January.
USD/JPY stayed close to a three-month high on Wednesday, buoyed by reports of Republican senators' favoring John Taylor to become the next head of the Federal Reserve.
The dollar was above 113.85 yen, down 0.1 percent on the day, but still within sight of Monday's peak of 114.10, which was the dollar's highest since July 11.
The Aussie slipped to a three-month trough on Wednesday, weakened after soft inflation data. AUD/USD fell to 0.7708 its lowest since mid-July.
