EUR/USD Back Above $1.32 Before Inflation Data

The euro clung onto modest gains early on Thursday, having snapped three straight sessions of declines as feverish speculation of an imminent round of easing by the European Central Bank cooled.

Sources told Reuters on Wednesday that the ECB is unlikely to take new policy action next week unless inflation figures on Friday show the euro zone sinking significantly towards deflation.

That prompted investors to trim very bearish euro positions, pushing the common currency briefly above $1.3200 from a near one-year low of $1.3152. It last traded at $1.3193.

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