Euro Extends Gains, Hits Highest Level Since August 2015

The euro rose sharply against the dollar on Thursday, breaking above the $1.16 level and trading at its highest since August 2015 following comments from European Central Bank President Mario Draghi. Against the dollar, the euro hit a peak of $1.1631, and last traded at $1.1618 from $1.1515, a move of 0.9%. In a news conference, Draghi reiterated the ECB's plan to buy 60 billion euros of government bonds and other assets each month through December, "or beyond, if necessary." He also left interest rates unchanged, as had been widely expected. With the day's move, the euro extended its strong year-to-date performance, rising 10.4% for 2017 thus far.