LONDON—The euro and other European currencies edged up on Wednesday ahead of this week’s central bank meeting. Sterling rose 0.3 percent against the dollar to $1.3134. “European currencies have been under heavy pressures for the past couple of weeks and some of these valuations have begun to look stretched,” said Jane Foley, head of FX Strategy at Rabobank in London. “Yesterday’s news that the EU is considering issuing debt to finance energy and defence spending underpinned the euro and helped trigger the better tone in euro and European currencies,” she added. But analysts also said the euro is unlikely to rise much while there is so much worry about the war in Ukraine spreading. Other European currencies such as Poland’s zloty and Hungary’s forint rebounded from record lows against the euro, both supported also by their central banks’ sharp interest rate hikes on Tuesday. The European Central Bank meets on …