Euro Climbs Ahead Of ECB Press Conference

Investors are cautiously awaiting a press conference from European Central Bank President Mario Draghi, and the euro is climbing sharply higher.

Some of this euro strength could be generated by the central bank's decision to leave interest rates unchanged this morning, since cutting rates would likely have decreased the value of the currency against others.

More importantly, however, euro strength could signal investors' belief that the ECB will take stronger action to address increasingly unsustainable borrowing costs for Italy and Spain. Draghi arguably hinted at this last week.

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Check out the euro in the last few hours:

DailyFX