The 25-member governing council is widely forecast to leave its refi rate unchanged at zero percent, marginal lending facility at 0.25 percent and the deposit rate at -0.4 percent.
The bank is now buying 60bn euros (£53.3bn) of bonds a month as part of its quantitative easing (QE) programme.
Investors are expected to focus on ECB President Mario Draghi's news conference for clues to when the bank might begin to taper and wind down its asset purchase programme. The Euro Stoxx 50 Index is up 6.4 percent in 2017 and some $23 billion have flown into funds tracking the region. The danger for the central bank is that too rapid a rise in the euro or government borrowing costs could derail the economic recovery by tightening monetary conditions too quickly.
ANALYST'S TAKE: "There has been a lot of speculation about a more explicit phasing out (of monetary stimulus) but I think the European Central Bank wants to be more careful given the fragile nature of the recovery", said Craig Erlam, senior market analyst at OANDA.
It is quite rare that you have two potential extremes hanging on every word, however like on so many occasions before, Mario Draghi's press conference is likely to cause Euro strength.
Data from Eurostat showed that Eurozone construction output declined in May after recovering in April. Civil engineering slid 0.9 percent and building construction dropped 0.6 percent in May. Dollar/yen rose slightly to trade just above the 112 level as the Asian session was about to close.
The euro had initially slipped to a two-day low against the greenback following the release of the European Central Bank policy decision, which was kept the same.
With both its main rivals down, the USA dollar rose for a second straight day climbing 0.25% against a broader basket of trade-weighted peers.
"Ultimately, the expected winding down of stimulus will likely continue to be supportive of the euro".
Some economists now believe the BOJ could be about to discard their controversial 2% inflation target and extend their easing programme beyond 2019. The number of traders net-long is 1.6% higher than yesterday and 8.9% higher from last week, while the number of traders net-short is 5.4% lower than yesterday and 1.3% higher from last week.
"In terms of investment demand, the physically backed products have seen outflows recently rather than inflows, so there hasn't been much support from that side", Julius Baer analyst Carsten Menke said.
The euro rose to as high as $1.1575 as Draghi spoke, near the 14-month highs of $1.1583 from earlier in the week and being up nearly half a percent on the day.
On Wall Street, the Dow Jones Industrial Average fell 20.59 points, or 0.1 percent, to 21,620.16, the S&P 500 gained 1.59 points, or 0.06 percent, to 2,475.42 and the Nasdaq Composite added 3.55 points, or 0.06 percent, to 6,388.59.