Speculation that the European Central Bank will increase monetary easing at the meeting next month helped push down the euro exchange traded fund, with the currency touching an 11-week low Thursday.

The CurrencyShares Euro Currency Trust (NYSEArca: FXE) has declined 1.5% over the past week and traded near a three-month low Thursday.

Meanwhile, the euro currency touched $1.3647 on Thursday, its weakest level against the U.S. dollar since February 27, reports Richard Leong for Reuters.

The euro rapidly declined as traders position ahead of the ECB move in June. The EUR was trading around $1.3995 just last week, a two-and-a-half year high.

“With the euro, investors are positioning for an ECB move in June,” Mark McCormick, currency strategist at Credit Agricole Corporate & Investment Bank, said in the article. “There are signs the ECB are ready to act.”

Sources close to the ECB hinted that the central bank is preparing a package of policy options, including cuts to its interest rates and measures to bolster lending to small- and mid-sized businesses.

Monetary easing would increase the supply of euros in the economy, which would depreciate the value of the euro against a basket of currencies. Additionally, the looser policies could also help promote economic growth within the Eurozone.