TOKYO, Jan 25 (Reuters) - The dollar skidded to a three-year low against its peers on Thursday after caving on comments by U.S. Treasury secretary Steven Mnuchin that he welcomed a weaker currency, while the euro was firm ahead of the European Central Bank's policy decision.

The single currency extended its overnight rally to $1.2425 , up 0.15 percent and going as high as $1.2428, its strongest since December 2014.

The dollar slumped after Mnuchin told the World Economic Forum in Davos on Wednesday that "obviously a weaker dollar is good for us as it relates to trade and opportunities." His comments were seen by markets as a departure from traditional U.S. currency policy.

U.S. treasury secretaries have been repeating that the strong dollar is in the national interest since the late 1990s, when Robert Rubin held the job in the Clinton administration.

The greenback had already been on the defensive on trade protectionism worries fanned by U.S. President Donald Trump's decision to impose steep import tariffs on washing machines and solar panels earlier in the week.

"Last week the dollar was under pressure on expectations towards the European Central Bank and Bank of Japan normalising monetary policy, but the bear trend has entered an entirely new phase after Mnuchin's comments," said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.

The U.S. currency was 0.1 percent lower at 109.105 yen , after sinking 1 percent the previous day to a four-month trough of 108.965.

The dollar index against a basket of six major currencies stretched overnight losses to plumb 89.064, lowest since December 2014.

The immediate focus was on the ECB's policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro.

The euro zone economy may be roaring ahead though the expectation is that a rapidly strengthening euro may see ECB President Mario Draghi pour cold water on the view the bank is speeding towards an interest rate hike.

"The ECB could curb euro strength if it downplays the prospect of early monetary policy normalisation and warns against a rising currency," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

"Such a stance by the ECB could be seen as a joint effort to verbally intervene after the BOJ made it clear earlier that it does not intend to normalise policy any time soon."

The BOJ kept monetary settings unchanged as expected on Tuesday and Governor Haruhiko Kuroda hosed down market speculation of a shift away from ultra-easy policy later this year.

Kuroda's comments, however, did little to arrest the yen's appreciation against a beleaguered dollar.

"Some players are likely to lighten their long euro positions if the ECB shows concern about the currency's strength. But even such comments probably won't be enough to halt ongoing dollar weakness," Ishizuki at Daiwa Securities said.

The Australian dollar traded at $0.8054 advanced to a four-month high of $0.8086.

The Canadian dollar reached C$1.2316 per dollar, its strongest since late September.

A rally in crude oil prices has given an extra lift to commodity-linked currencies like the Australian and Canadian dollars.

The New Zealand dollar was 0.55 percent higher at $0.7381 , but off a five-month peak of $0.7437 after data showed the country's consumer prices rose at a slower-than-expected pace in the fourth quarter.

Upbeat UK employment data, on the other hand, helped lift the pound to $1.4275, a fresh 1-1/2-year top.</s>NEW YORK (Reuters) - The U.S. dollar reversed losses on Thursday when President Donald Trump said he wanted a “strong dollar,” a day after Treasury Secretary Steven Mnuchin said he welcomed a weaker greenback, which moved the currency lower against the euro.

The dollar index, which measures the greenback against a basket of six major currencies, was little changed on the day at 89.209, after dropping as low as 88.438, its lowest since December 2014.

The dollar index has fallen about 12 percent since April 12 when Trump told the Wall Street Journal that the dollar “is getting too strong.”

“If you take the overall stance of the U.S. administration, it’s protectionist and still it’s not clear what kind of dollar the president and the Treasury want,” said Vassili Serebriakov, FX strategist at Credit Agricole in New York.

“But it still doesn’t sound like they really want a strong dollar given the fact that they are aiming to boost exports.”

Trump decided to impose steep import tariffs earlier in the week on washing machines and solar panels, flaming worries about trade protectionism that sent the greenback on the defensive.

Earlier in the session, the euro soared to a fresh three-year high after European Central Bank President Mario Draghi said economic data pointed to “solid and broad” growth with inflation likely to rise in the medium term from subdued levels.

The euro jumped about 1 percent to $1.2536, its highest since mid-December 2014, before paring gains to trade up 0.12 percent against the dollar.

Draghi warned that the surge in the euro was a source of uncertainty and said the ECB might have to review strategy if U.S. comments on the benefits of a weak dollar lead to a change in monetary conditions.

Some market participants had been expecting Draghi to take a firmer stance addressing the euro’s potentially damaging surge against the dollar.

“Overall, the comments regarding the exchange rate were benign,” said Eric Viloria, currency strategist at Wells Fargo Securities in New York.

“There was a lack of any forceful comments with respect to the recent euro strength,” he said.

Earlier in the session, sterling strengthened to its highest levels on a trade-weighted basis since shortly after Britain’s European Union referendum in June 2016, as optimism around Brexit and the economy continued to fuel a surge in the currency.

However, with the dollar’s late rally sterling fell 0.62 percent to $1.4152.</s>NEW YORK, Jan 25 (Reuters) - The U.S. dollar reversed losses on Thursday when President Donald Trump said he wanted a “strong dollar,” a day after Treasury Secretary Steven Mnuchin said he welcomed a weaker greenback, which moved the currency lower against the euro.

The dollar index, which measures the greenback against a basket of six major currencies, was little changed on the day at 89.209, after dropping as low as 88.438, its lowest since December 2014.

The dollar index has fallen about 12 percent since April 12 when Trump told the Wall Street Journal that the dollar “is getting too strong.”

“If you take the overall stance of the U.S. administration, it’s protectionist and still it’s not clear what kind of dollar the president and the Treasury want,” said Vassili Serebriakov, FX strategist at Credit Agricole in New York.

“But it still doesn’t sound like they really want a strong dollar given the fact that they are aiming to boost exports.”

Trump decided to impose steep import tariffs earlier in the week on washing machines and solar panels, flaming worries about trade protectionism that sent the greenback on the defensive.

Earlier in the session, the euro soared to a fresh three-year high after European Central Bank President Mario Draghi said economic data pointed to “solid and broad” growth with inflation likely to rise in the medium term from subdued levels.

The euro jumped about 1 percent to $1.2536, its highest since mid-December 2014, before paring gains to trade up 0.12 percent against the dollar.

Draghi warned that the surge in the euro was a source of uncertainty and said the ECB might have to review strategy if U.S. comments on the benefits of a weak dollar lead to a change in monetary conditions.

Some market participants had been expecting Draghi to take a firmer stance addressing the euro’s potentially damaging surge against the dollar.

“Overall, the comments regarding the exchange rate were benign,” said Eric Viloria, currency strategist at Wells Fargo Securities in New York.

“There was a lack of any forceful comments with respect to the recent euro strength,” he said.

Earlier in the session, sterling strengthened to its highest levels on a trade-weighted basis since shortly after Britain’s European Union referendum in June 2016, as optimism around Brexit and the economy continued to fuel a surge in the currency.

However, with the dollar’s late rally sterling fell 0.62 percent to $1.4152.</s>The dollar skidded to a three-year low against its peers on Thursday after caving on comments by U.S. Treasury secretary Steven Mnuchin that he welcomed a weaker currency, while the euro was firm ahead of the European Central Bank's policy decision.

TOKYO: The dollar skidded to a three-year low against its peers on Thursday after caving on comments by U.S. Treasury secretary Steven Mnuchin that he welcomed a weaker currency, while the euro was firm ahead of the European Central Bank's policy decision.

The single currency extended its overnight rally to US$1.2425, up 0.15 percent and going as high as US$1.2428, its strongest since December 2014.

The dollar slumped after Mnuchin told the World Economic Forum in Davos on Wednesday that "obviously a weaker dollar is good for us as it relates to trade and opportunities." His comments were seen by markets as a departure from traditional U.S. currency policy.

U.S. treasury secretaries have been repeating that the strong dollar is in the national interest since the late 1990s, when Robert Rubin held the job in the Clinton administration.

The greenback had already been on the defensive on trade protectionism worries fanned by U.S. President Donald Trump's decision to impose steep import tariffs on washing machines and solar panels earlier in the week.

"Last week the dollar was under pressure on expectations towards the European Central Bank and Bank of Japan normalizing monetary policy, but the bear trend has entered an entirely new phase after Mnuchin's comments," said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.

The U.S. currency was 0.1 percent lower at 109.105 yen, after sinking 1 percent the previous day to a four-month trough of 108.965.

The dollar index against a basket of six major currencies stretched overnight losses to plumb 89.064, lowest since December 2014.

The immediate focus was on the ECB's policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro.

The euro zone economy may be roaring ahead though the expectation is that a rapidly strengthening euro may see ECB President Mario Draghi pour cold water on the view the bank is speeding towards an interest rate hike.

"The ECB could curb euro strength if it downplays the prospect of early monetary policy normalization and warns against a rising currency," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

"Such a stance by the ECB could be seen as a joint effort to verbally intervene after the BOJ made it clear earlier that it does not intend to normalize policy any time soon."

The BOJ kept monetary settings unchanged as expected on Tuesday and Governor Haruhiko Kuroda hosed down market speculation of a shift away from ultra-easy policy later this year.

Kuroda's comments, however, did little to arrest the yen's appreciation against a beleaguered dollar.

"Some players are likely to lighten their long euro positions if the ECB shows concern about the currency's strength. But even such comments probably won't be enough to halt ongoing dollar weakness," Ishizuki at Daiwa Securities said.

The Australian dollar traded at US$0.8054 advanced to a four-month high of US$0.8086.

The Canadian dollar reached CUS$1.2316 per dollar, its strongest since late September.

A rally in crude oil prices has given an extra lift to commodity-linked currencies like the Australian and Canadian dollars.

The New Zealand dollar was 0.55 percent higher at US$0.7381, but off a five-month peak of US$0.7437 after data showed the country's consumer prices rose at a slower-than-expected pace in the fourth quarter.

Upbeat UK employment data, on the other hand, helped lift the pound to US$1.4275, a fresh 1-1/2-year top.</s>(AP Photo/Geert Vanden Wijngaert). Eurogroup President and Portugal's Finance Minister Mario Centeno, left and European Central Bank President Mario Draghi arrive for an Eurogroup finance ministers meeting at the EU Council in Brussels on Monday, Jan. ...

FRANKFURT, Germany (AP) - Europe's top economic official has cautioned the U.S. and Treasury Secretary Steven Mnuchin about talking down the dollar's exchange rate, which helps U.S. exporters but could make life harder for Europe and other trade partners.

European Central Bank President Mario Draghi didn't mention Mnuchin by name but was quick to note Thursday that global leaders had agreed for years that "we will refrain from competitive devaluations."

Draghi's swipe came after Mnuchin said this week that "obviously a weaker dollar is good for us as it relates to trade and opportunities." Those remarks broke with a twenty-year U.S. policy of speaking in favor of a strong dollar.

Such comments matter because a weaker dollar can help U.S. exporters by making their goods cheaper against foreign competition. But it's a zero-sum game: a fall in the dollar means a rise in a corresponding currency - the euro rose to a three-year high of $1.25 upon Mnuchin's remarks. The higher euro can become a headache for Europe as it can hurt its exporters and weigh on inflation, which is already worryingly low.

In his comments on Thursday, Draghi cited the repeated joint statements by international finance officials in which they commit to refrain from lowering their currencies' exchange rates to gain trade advantage at the expense of other countries.

Draghi also said that recent swings in the euro exchange rate with the dollar - mostly up in the past few days - were "a potential source of instability" that required "monitoring." Draghi noted that the exchange rate wasn't a policy goal for the ECB but had to be considered in its deliberations about what to do about inflation.

Exchange rates are determined by many factors such as trade flows and central bank policies. Rates these days are not set by governments but by global foreign exchange markets where major currencies are bought and sold. Official comments can however have an impact.

One risk, however, is that other countries might retaliate by taking measures that lower their currency.

"The ECB refrained from aggressively pushing back against the strength of the euro at their monetary policy decision...but also warned the U.S. against opening a Pandora's box of competitive devaluation," said William Adams, senior international economist at the PNC Financial Services Group. "Put simply, Draghi is warning that foreign countries could follow the U.S. in a race to the bottom if the U.S. tries to devalue the dollar.

Draghi made his comments at a news conference following a decision by the bank's 25-member governing council to leave its stimulus programs and interest rates unchanged. The bank gave little additional hint about whether its 30 billion euros ($36 billion) in monthly bond purchases would run past September. Currently, the bank says the purchases will continue at least through September and longer if necessary, leaving the exact end open.

The purchases pump newly created money into the economy to raise inflation and growth in the wake of the 19-country eurozone's crisis over high debt in member states like Italy and Greece.

Stimulus withdrawal has been much discussed in markets because the eurozone economy is growing strongly. Germany's Ifo index of business sentiment matched its record high in January, and surveys show business activity is expanding rapidly. The eurozone is expected to have grown 2.4 percent last year, while unemployment has fallen to 8.7 percent from a high of 12 percent in 2013.

The bank left its key short-term interest rate benchmark unchanged at a record low of zero. Its rate of minus 0.4 percent on deposits it takes from commercial banks was also unchanged. The negative rate is a penalty aimed at pushing banks to lend the money rather than let it pile up risk-free at the ECB.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.</s>FRANKFURT (Reuters) - European Central Bank chief Mario Draghi took a swipe at Washington on Thursday for talking down the dollar, a move he said threatened a decades-old pact not to target the currency and might force his bank to change its own policy.

Singling out the euro’s surge as a source of uncertainty, Draghi said any unjustified move could force the ECB to rethink its strategy as a strong currency could put a lid on inflation, thwarting its efforts to lift prices.

He was speaking after U.S. Treasury Secretary Steven Mnuchin this week said he welcomed a weak dollar because it was good for U.S. trade, and Commerce Secretary Wilbur Ross said “U.S. troops are now coming to the ramparts” in global trade wars.

That sentiment sent the euro to three-year highs against the dollar.

Striking a moderately dovish tone, Draghi also pushed back on rate hike expectations, arguing there was almost no chance of a move this year, even as some investors were betting on a rise as early as December.

But it was his comments on currency that resonated most from a news conference following the ECB’s regular policy meeting.

“When someone says that basically a good exchange rate is good for exporters and it’s good for the economy and it’s good, that means it’s targeting the exchange rate,” Draghi said when asked about Mnuchin’s comments.

“That agreement (about not targeting the exchange rate), as subtle as you want, has been in place for decades now,” Draghi added.

The ECB is especially sensitive to the euro’s moves as any big rise in the currency could cut into inflation, threatening to reverse the impact of the very stimulus the bank has been providing over the past three years.

The euro had risen, Draghi argued, partly because of “the use of language in discussing exchange rate developments that doesn’t reflect the terms of reference that have been agreed.

“Several members of the Council expressed concern, and this concern was also in a sense was broader than simply the exchange rate, it was about the overall status of international relations right now,” he said.

But Draghi’s comments that part of the euro’s gain may be related to the bloc’s strong economy, pushed the currency to $1.2538, its highest level since December 2014. Even a suggestion that rate hike expectations were premature, only pushed it back marginally, leaving it up nearly 1 percent on the day.

European Central Bank (ECB) President Mario Draghi holds a news conference following the governing council's interest rate decision at the ECB headquarters in Frankfurt, Germany, January 25, 2018. REUTERS/Kai Pfaffenbach

"If all this were to lead to an unwanted tightening of our monetary policy ... then we will have to just think about our monetary policy strategy," Draghi said, with particular reference to the U.S. statements. tmsnrt.rs/2DyqzFg

The euro now trades 7 percent higher than in December, when the ECB unveiled its latest economic projections, suggesting some downward pressure on import prices.

Having bought more than 2 trillion euros worth of bonds over the past three years, the ECB has almost single-handedly depressed borrowing costs in the euro zone to kick start growth and lift prices.

FEW CHANCES

The purchases, already twice reduced, are set to run until the end of September and investors are betting on their end in the fourth quarter.

While Draghi did not shoot down those expectations, he also argued that inflation has yet to show convincing signs of a sustained rise, a message also aimed at tempering expectations for policy tightening.

“Based on today’s data and today’s projection I see very few chances at all that interest rates will be raised this year,” he said.

FILE PHOTO: The European Central Bank (ECB) headquarters are pictured in Frankfurt, Germany, December 7, 2017. REUTERS/Ralph Orlowski/File Photo

Draghi also said that work to rework the bank’s policy guidance, flagged in the minutes of the last meeting, has not really started and there was also no discussion about winding down the asset purchase programme.

Earlier in the day, in a widely expected decision, the ECB kept its key interest rate deep in negative territory, maintained a pledge to hold rates steady until well after bond buys conclude and promised to continue asset purchases until a sustained rebound in inflation.

While the euro’s gain so far has only a modest impact on inflation, the worry is that weaker economies on the bloc’s periphery would be affected by it more, a risk to an economic convergence process that restarted only recently.

Part of his holding pattern approach, Draghi also kept the bank’s guidance unchanged, maintaining a promise to continue asset buys until a sustained rebound in inflation, even after policymakers agreed in December to begin work in early 2018 to draft a new guidance.</s>The dollar wallowed near three-year lows against its peers on Thursday after caving on comments by US Treasury Secretary Steven Mnuchin that he welcomed a weaker currency, while the euro steadied ahead of the European Central Bank’s policy decision.

The single currency took a breather from an overnight rally, easing 0.1 per cent to US$1.2396. It had soared 0.9 per cent to US$1.2415 on Wednesday, its highest since December 2014.

The dollar slumped after Mnuchin told the World Economic Forum in Davos on Wednesday that “obviously a weaker dollar is good for us as it relates to trade and opportunities.” His comments were seen by markets as a departure from traditional US currency policy.

The greenback had already been on the defensive on trade protectionism worries fanned by US President Donald Trump’s decision to impose steep import tariffs on washing machines and solar panels earlier in the week.

“Last week the dollar was under pressure on expectations towards the ECB and Bank of Japan normalising monetary policy, but the bear trend has entered an entirely new phase after Mnuchin’s comments,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.

The US currency was little changed at 109.300 yen, after sinking 1 per cent to a four-month trough of 108.965.

The dollar index against a basket of six major currencies was at 89.307, having lost 1 per cent the previous day to go below 90 for the first time since December 2014.

The immediate focus was on the ECB’s policy setting meeting later on Thursday as markets look for any signs that the central bank is worried about the rapidly appreciating euro.

The euro zone economy may be roaring ahead though the expectation is that a rapidly strengthening euro may see ECB President Mario Draghi pour cold water on the view the bank is speeding towards an interest rate hike.

“Some players are likely to lighten their long euro positions if the ECB shows concern about the currency’s strength. But even such comments probably won’t be enough to halt ongoing dollar weakness,” Ishizuki said.

The Australian dollar traded at US$0.8054 after advancing 0.8 per cent overnight to a four-month high of US$0.8083.

The Canadian dollar was at C$1.2352 per dollar and in reach of C$1.2318, its strongest since late September touched overnight.

A rally in crude oil prices have given an extra lift to commodity-linked currencies like the Australian and Canadian dollars.

The New Zealand dollar was unchanged at US$0.7340, having pulled back sharply from a five-month high of US$0.7437 after data showed the country’s consumer prices rose at a slower-than-expected pace in the fourth quarter.</s>NEW YORK (Reuters) - The U.S. dollar reversed losses on Thursday when President Donald Trump said he wanted a “strong dollar,” a day after Treasury Secretary Steven Mnuchin said he welcomed a weaker greenback, which moved the currency lower against the euro.

The dollar index, which measures the greenback against a basket of six major currencies, was little changed on the day at 89.209, after dropping as low as 88.438, its lowest since December 2014.

The dollar index has fallen about 12 percent since April 12 when Trump told the Wall Street Journal that the dollar “is getting too strong.”

“If you take the overall stance of the U.S. administration, it’s protectionist and still it’s not clear what kind of dollar the president and the Treasury want,” said Vassili Serebriakov, FX strategist at Credit Agricole in New York.

“But it still doesn’t sound like they really want a strong dollar given the fact that they are aiming to boost exports.”

Trump decided to impose steep import tariffs earlier in the week on washing machines and solar panels, flaming worries about trade protectionism that sent the greenback on the defensive.

Earlier in the session, the euro soared to a fresh three-year high after European Central Bank President Mario Draghi said economic data pointed to “solid and broad” growth with inflation likely to rise in the medium term from subdued levels.

The euro jumped about 1 percent to $1.2536, its highest since mid-December 2014, before paring gains to trade up 0.12 percent against the dollar.

Draghi warned that the surge in the euro was a source of uncertainty and said the ECB might have to review strategy if U.S. comments on the benefits of a weak dollar lead to a change in monetary conditions.

Some market participants had been expecting Draghi to take a firmer stance addressing the euro’s potentially damaging surge against the dollar.

“Overall, the comments regarding the exchange rate were benign,” said Eric Viloria, currency strategist at Wells Fargo Securities in New York.

“There was a lack of any forceful comments with respect to the recent euro strength,” he said.

Earlier in the session, sterling strengthened to its highest levels on a trade-weighted basis since shortly after Britain’s European Union referendum in June 2016, as optimism around Brexit and the economy continued to fuel a surge in the currency.

However, with the dollar’s late rally sterling fell 0.62 percent to $1.4152.</s>* ECB to meet on Thursday amid rally in euro

LONDON, Jan 25 (Reuters) - The dollar stumbled near multi-year lows on Thursday following the U.S. treasury secretary’s comments that he welcomed a weaker greenback, while attention turned to whether the European Central Bank can stomach a surging euro at its policy decision.

The ECB meets later on Thursday against a backdrop of a single currency that has gained more than 3 percent already this year after double digit gains last year amid a broad-based dollar sell-off that intensified on Wednesday when U.S. Treasury Secretary Steven Mnuchin said a weaker dollar was “good for us”.

Mnuchin, whose comments were a departure from traditional U.S. currency policy, said on Thursday that he was not concerned where the dollar was in the short term.

Against a basket of currencies the dollar fell 0.1 percent , slightly off its overnight lows that marked a fresh three-year low.

The dollar was flat versus the euro as the surging single currency held above $1.24, a three-year high that could see ECB President Mario Draghi pour cold water on the view the bank is speeding towards a rate hike when he speaks later on Thursday.

“It feels like what we expected to happen to the dollar over the entirety of 2018 has in fact transpired in first few trading weeks of the year,” analysts at ING said.

“The burning question for FX markets at today’s ECB meeting is ”Will – and can – President Draghi talk the euro lower?“ For the past week, we’ve argued that in the current environment – there is very little the ECB can do to stem the tide of a stronger euro.”

Analysts note that the euro’s rise on a trade weighted basis has been far less substantial than versus the dollar, and with investor sentiment towards the region at its highest in years, the single currency is strengthening for the right reasons.

Still, Draghi will likely seek to stop the euro from firming further, economists said.

Elsewhere, the dollar hit multi-year lows against several currencies.

The Swiss Franc hit its strongest level against the dollar since August 2015, and the Chinese yuan since November 2015.

Sterling gained 0.2 percent to $1.4261 after earlier shooting above $1.43 for a fresh high since the vote to leave the European Union in June, 2016.

The greenback had already been on the defensive on trade protectionism worries fanned by U.S. President Donald Trump’s decision to impose steep import tariffs on washing machines and solar panels earlier in the week.

“Last week the dollar was under pressure on expectations towards the European Central Bank and Bank of Japan normalising monetary policy, but the bear trend has entered an entirely new phase after Mnuchin’s comments,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo.

With a weaker dollar, the yen strengthened despite the Bank Of Japan keeping monetary settings unchanged on Tuesday and Governor Haruhiko Kuroda quashing market speculation of a shift away from ultra-easy policy later this year.

The U.S. currency was 0.1 percent lower at 109.100 yen , after sinking 1 percent the previous day to a four-month trough of 108.965. (Reporting by Tommy Wilkes; Editing by Toby Chopra)</s>[The stream is slated to start at 8:30 a.m. ET. Please refresh the page if you do not see a player above at that time.]

European Central Bank President Mario Draghi is speaking at Frankfurt, Germany, following the central bank's decision to leave monetary policy unchanged.

The central bank decided to leave its base interest rate unchanged Thursday. Its policy has been ultra-accomodative since the financial crash, but it has since moved to introduce a gradual reduction of its bond-buying program.

Analysts don't expect the institution to make any significant policy announcements, despite it signaling a growing appetite for revising its policy message in "early" 2018.
Mario Draghi, the President of the European Central Bank, says that Mnuchin's comments are contrary to a decades-old agreement not to "target" each other's exchange rate. The European Central Bank keeps its policy unchanged for now despite citing the euro's surge as a source of uncertainty with respect to its strong currency policy.