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Amid speculation European Central Bank will back a stimulus, euro falls to one-year dollar low

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FILE - In this Aug. 7, 2014 file photo Head of the European Central Bank, ECB, Mario Draghi attends a news conference in Frankfurt, Germany. European Central Bank President Mario Draghi says there’s room for governments to dial back austerity, within limits. The ECB is looking at more stimulus, such as pumping new money into the economy by purchasing bonds. But such central bank stimulus can’t do it all alone. “It would be helpful for the overall stance of policy if fiscal policy could play a greater role alongside monetary policy, and I believe there is scope for this,” he said in a speech last week at a U.S. Federal Reserve conference at Jackson Hole, Wyoming. (AP Photo/dpa, Boris Roessler, File) (The Associated Press)

The euro has fallen to a one-year low against the dollar as Europe's single currency remains under pressure ahead of this week's policy meeting of the European Central Bank.

In early trading Tuesday, the euro fell to $1.3115, its lowest level since the $1.3103 it struck on Sept. 6, 2013.

The bank, which oversees monetary policy for the 18 European Union countries that use the euro, is under pressure to announce more monetary stimulus following its meeting on Thursday to boost the ailing eurozone economy.

The prospect of more euros being created as part of any such program has been one of the main reasons why the currency has been in retreat for the past few months. In early summer, the currency was knocking on the $1.40 door.