FRANKFURT, Germany (AP) -- The euro drifted lower against the dollar Thursday morning amid heavy expectations the European Central Bank will lift its benchmark interest rate for the first time in a year.Many economists believe the ECB is likely to raise its main interest rate to 4.25% from 4% amid high euro zone inflation, in what would be its first rate hike since June 2007. Such a move would drive the dollar down even farther.
The 15-nation euro bought $1.5880 in European morning trading, down only slightly from the $1.5888 in late New York trading Wednesday.
The British pound bought $1.9914, down from the $1.9936 in late New York trading Wednesday. The dollar bought ¥106.03, up slightly to the ¥106.01 a dollar bought the night before.
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