Euro falls as ECB curbs bond-buying

London

THE euro fell half a per cent on Thursday as investors took profits after the European Central Bank said that it would extend its bond purchases at a reduced rate on Thursday, as widely expected.

The ECB said it would cut asset purchases to 30 billion euros from 60 billion euros starting January while also extending the scheme by nine months to September. The ECB had taken a leaf out of the Fed's book by promising to keep reinvesting the proceeds from the 2.4 trillion euros worth of bonds it has hoovered up since early 2015.