Euro Breaks Above $1.12 After Draghi Comments

The euro jumped to as high as $1.1272 in afternoon action on Wednesday, climbing in line with a general rise in yields on European government bonds. The euro and bond moves came after the European Central Bank lifted its inflation forecast for 2015 to 0.5%, up from 0% in its March predictions. The euro traded at $1.1151 late in New York on Tuesday. Additionally, the euro was boosted by comments from ECB President Mario Draghi, who said there's no need to expand the bank's easing program, according to Neil Mellor, senior currency strategist at BNY Mellon. Overall, the ECB boss struck an upbeat tone on the eurozone's economic recovery, although he said the risks remain to the downside.