EUR/USD Down Near $1.37 on ECB Stance

The euro languished at five-week lows against the dollar early in Asia on Wednesday, having come under renewed pressure as markets grew more convinced the European Central Bank would ease policy next month.

The euro last traded at $1.3704, not far from the overnight low of $1.3688. A break below the April 4 trough of $1.3672 would take it back to levels not seen since late February.

It has slid more than 2 percent since Thursday when ECB President Mario Draghi said the bank is ready to take action next month to boost the euro zone economy if updated inflation forecasts merit it.

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