The euro edged higher ahead of the European Central Bank's policy decision later today. According to Jin10, markets widely expect the ECB to keep rates unchanged, while the probability of a 25-basis-point rate hike in September stands at 84%. Investors are also watching how the ECB responds to renewed oil-price gains driven by the escalation of the U.S.-Iran conflict. Commerzbank's Antje Praefcke said in a report that the ECB may reinforce expectations for a September rate hike, but the euro is unlikely to benefit much because the market has largely priced in that view. EUR/USD rose 0.2% intraday.
