European Central Bank edging closer to unleashing more stimulus as euro creeps higher

The European Central Bank is edging closer to unleashing more monetary stimulus on top of the 1.1 trillion euros it is already pumping into the eurozone's less than impressive economic recovery.

No action is expected at Thursday's policy meeting in Malta. But investors will look for hints from ECB President Mario Draghi that the bank is willing or preparing to extend the program.

A big concern is preventing the euro from rising against other currencies. A currency can weaken as a side effect of monetary stimulus, whose primary aim is to raise inflation. Eurozone inflation is considered way too weak at an annual minus 0.1 percent.

The ECB injects cash into the economy by buying bonds with newly created money. That is slated to run at least through September.