An exchange traded fund tied to the euro’s movements against the U.S. dollar was lower in Thursday’s preopen trading after the European Central Bank held interest rates steady at 1.5%.

CurrencyShares Euro Trust (NYSEArca: FXE) slipped 0.5% before the bell as the Eurozone’s common currency weakened versus the dollar. The currency ETF is up 5.7% year to date, according to Morningstar, as the euro has gained ground against the dollar despite the sovereign debt crisis in Europe.

Investors will be keeping tabs on a press conference later in the morning with ECB President Jean-Claude Trichet, who will discuss the decision with reporters.

The market is betting that Trichet will change course and signal a pause in the recent monetary tightening cycle, Reuters reported.

“But analysts said the single currency could get a brief lift if Trichet quashes the possibility of rate cuts later in the year, which are priced into money markets, though concerns about a worsening Eurozone debt crisis will keep investors inclined to sell the currency on dips,” the news service said.

The euro ETF is hovering right around its 200-day moving average.

CurrencyShares Euro Trust

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