The euro is weakening against the U.S. dollar ahead of the European Central Bank announcement on Thursday.

Investors interested in gaining exposure to the Europe’s stock market but are wary of further currency risks may look to hedged exchange traded fund options.

The euro currency depreciated Wednesday to $1.0964, with the CurrencyShares Euro Currency Trust (NYSEArca: FXE) down 0.2%. FXE has dropped 1.6% over the past month.

SEE MORE: What Trouble Lurks for the Euro ETF?

Traders are easing back on the euro a day before the ECB is due to meet, hedging bets on whether ECB President Mario Draghi will provide any clues that the central bank will begin tapering its bond purchasing program.

“Ahead of the ECB there’s a little bit of lightening up of the euro. There’s some focus on the possibility that Draghi will push back very aggressively against recent talk of tapering,” Richard Franulovich, a senior currency strategist at Westpac Banking Corp, told Reuters.

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