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By Bloomberg

The euro fell to the lowest level in more than six weeks against the dollar amid speculation European Central Bank President Mario Draghi will recommit to seeing through the whole course of his bond-buying plan.

The shared currency weakened versus most of its major peers as the central bank’s Governing Council meets Thursday to decide on monetary policy. The ECB is in the fourth month of its 60 billion euros ($65 billion) a month quantitative-easing program, intended to boost growth and consumer prices in the region. A gauge of the outlook for inflation dropped for a third day amid a decline in oil prices.

“Both sides of the Atlantic are driving euro-dollar lower,” Chris Turner, head of currency strategy at ING Groep NV in London, said in a Bloomberg Television interview. “It’s very clear, particularly with lower oil prices and what’s going on with Greece, that the ECB is going to really manage expectations about full implementation of QE. They really want to encourage a weaker euro.”

The euro dropped 0.3 percent to $1.0913 as of 9:35 a.m. London time and touched $1.0896, the lowest since June 1. It fell 0.2 percent to 135.23 yen.

The five-year, five-year forward inflation swap rate, a market metric identified by Draghi as a benchmark for the euro area’s inflation outlook, fell two basis points, or 0.02 percentage point, to 1.78 percent. The ECB targets price growth at just below 2 percent.