Analysis: Euro may continue to rise despite the European Central Bank expected to cut interest rates.

The euro's reaction to the European Central Bank may be different from German bonds. The euro's rise since April suggests that global risk appetite and a weak dollar have a greater impact on the euro than the ECB's policies. Despite expectations that the ECB will cut interest rates again today, euro traders seem unfazed, with pricing indicating that the focus remains on the broader macroeconomic background.