Euro gains on report ECB may hold back action

London

THE euro gained around half a per cent against the US dollar on Thursday after Reuters reported that European Central Bank policy makers are sceptical about the need for further policy action in the near term.

Oil-rich Canada's dollar fell to its lowest level since April 2003 with a further slide in crude prices expected to undermine the Canadian economy, fuelling speculation that the Bank of Canada could cut interest rates as early as next week.

The ECB also meets next week with the session expected to be relatively uneventful, with the big test coming when the ECB releases its initial 201…