The euro hit a fresh 2-month low against the dollar on Thursday, as investors awaited the ECB's confirmation that borrowing costs will fall and that it will start buying bonds again.
Money markets take into account a 50 percent probability that the European Central Bank will cut interest rates by 10 basis points on Thursday, less likely than last week, but some expect the bank's president, Draghi, to open further cuts or further quantitative easing.
However, some analysts expect the central bank to adopt a less monetary easing trend.
The euro fell to $ 1.1126. The ECB is due to announce its interest rate decision by 1145 GMT, followed by a tentative conference at 1230 GMT.
The Swiss franc, supported by euro-zone interest rate cuts, rose to a two-year high of 1.0965 against the single currency. The Swiss currency is trading at 1.0969 Euro francs.
Expectations of interest rate cuts pushed the Australian dollar to a two-week low of $ 0.6964.
Sterling remained below $ 1.25, not far from the 27-month low reached last week and settled in recent trading at $ 1.2475 and 89.26 pence per euro.