The euro strengthened to a four-week high against the dollar as European Central Bank President Mario Draghi said the region’s economy should recover this year.
The 17-nation currency rose against all 16 of its major peers after the ECB refrained from cutting its main refinancing rate at a monthly policy meeting and Draghi also said there was no need to introduce additional stimulus measures at this stage. The pound gained versus the dollar as the Bank of England kept its asset-purchase target and benchmark rate unchanged. The Australian dollar slid to the weakest since 2011 as the nation’s shrinking interest-rate advantage reduced the currency’s allure.
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