The euro fell against the dollar, the market expects ECB Thursday with caution

The euro continued its decline against the dollar on Wednesday in cautious market on the eve of a policy meeting of the European Central Bank (ECB), while the yen remained under pressure after the announcement of the early departure of the Governor Bank of Japan (BoJ).

By 1400 GMT (1500 Paris), the euro bought $ 1.3506 against $ 1.3582 around 2200 GMT on Tuesday.

The euro fell against the Japanese currency to 126.17 yen - after rising to 127.71 yen at 5:40 GMT, its highest level since April 2010 - from 127.13 yen late Tuesday.

The dollar also fell against the Japanese currency to 93.42 yen - after reaching 94.06 yen at 5:40 GMT, the highest since early May 2010 - against 93.61 yen on Tuesday.

Wednesday "is a particularly quiet day: in the absence of important indicators are missing markets impulse" and develop without much direction, says Anita Paluch, analyst at Gekko Markets.

The euro - which was mounted $ 1.3711 on Friday, its highest level since mid-November 2011 - Monday benefit known for some weaknesses in the administration, but also a new political uncertainty in the euro zone.

In fact, Spain was being shaken by a corruption scandal, in which the parties Prime Minister Mariano Rajoy, and Italy prepares for elections in late February.

Moreover, when some European leaders, including French President Fran├žois Hollande, concerns the current level of the euro, they fear that harm the competitiveness of the countries in the monetary union, these comments have no impact on the single currency as the ECB is not express the theme, analysts noted.

In this context, observers will be particularly attentive to the traditional Thursday press conference by ECB President Mario Draghi after the monetary policy decision of the institution should also leave its key interest rate unchanged.

Japan Governor Masaaki Shirakawa, BoJ announced on Tuesday that he resigned as 19th March, three weeks before the end of its mandate, to make way for a new direction that will make the expectations of observers to more in line with the Prime Minister Shinzo Abe.

BoJ legally independent, experienced strong pressure from Abe, who received the institution agrees an inflation target of 2% faster specifically to Japan deflation flange free their economic activity last fifteen years.

Mr. Shirakawa hesitated to change which may, in its excessive inflation without the need for higher wages, which should go hand in hand, even worse result.

"The fact that the yen under pressure again after this announcement has been found showing that the market remains very cautious," said analysts at Commerzbank.

By 1400 GMT, the British Pound was up against the euro and 86.23 pence per EUR remained almost unchanged against the greenback at $ 1.5663.

The Swiss franc was stable against the euro at 1.2335 Swiss franc against the euro and fell against the greenback at 0.9133 Swiss francs to the dollar.

The ounce of gold ended at $ 1,670 at an auction tomorrow against $ 1,673.50 Tuesday evening.

The Chinese currency finished at 6.2320 yuan against one U.S. dollar for 6.2311 yuan on Tuesday.