Euro on track for third weekly profit on expanded European stimulus

Euro rose in European trade against a basket of major rivals while on track for the ninth profit in a row against dollar, marking three-month highs and heading for the third weekly profit in a row, after the European Central Bank expanded its stimulus package by more than expected to support the faltering economy. 

EUR/USD rose 0.4% to 1.1383, the highest since March 10, after closing up 0.9% yesterday, the eighth profit in a row and the longest such streak of gains since February. 

Euro is up 2.5% so far this week on the dollar, heading for the third weekly profit in a row on improving risk appetite. 

The European Central Bank maintained interest rates fixed at their various zero and negative levels, while expanding bonds purchases by 600 billion euros to 1.350 trillion, beating estimates as the euro zone economy battles an 8% contraction this year. 

Markets only expected an increase of 500 billion euros, as the ECB goes full gear to cushion the biggest recession since World War 2.