FOREX-Euro steady before ECB, Canadian dollar rises after BOC

Wed Mar 9, 2016 12:05pm EST
 
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* Euro little changed as investors await likely dovish ECB

* Canadian dollar gains after BOC sees market risks abating

* Higher oil, metal prices boost commodity currencies

* Euro rebounds from one-week low versus yen (Updates market action, changes dateline, previous LONDON)

By Richard Leong

NEW YORK, March 9 (Reuters) - The euro held firm on Wednesday in choppy trading as investors awaited an European Central Bank meeting, which they expect will result in interest rates falling deeper into negative territory and more bond purchases to help the euro zone economy.

The Canadian dollar jumped after the Bank of Canada left policy rates unchanged and said its economic outlook was largely the same as January as recent market volatility "appears to be abating."

A rebound in oil and metal prices also rekindled bids for the Canadian dollar and other commodity-sensitive currencies including the Australian and New Zealand dollars.

Still the ECB meeting on Thursday is seen as the marquee event for the currency market this week.   Continued...