At 7.45 am ET Thursday, the European Central Bank is set to announce its interest rate decision. The benchmark refinancing rate is expected to be maintained at 0.05 percent. Economists expect the bank to keep the deposit rate at 0.2 percent.

The euro recovered from early lows against its major opponents ahead of the decision.

The euro was quoted at 0.7251 against the pound, 1.0704 against the franc, 132.84 against the yen and 1.1055 against the greenback as of 7:40 am ET.

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