The euro moved higher against the dollar in late morning trading Friday after European Central Bank President Mario Draghi said that the risks to the eurozone's economic outlook remain on the downside. Speaking at an event in Washington, D.C., the ECB head stated that a European recovery is expected to resume. He also shared his view that inflation is expected to remain low in the coming months before ticking up in 2015 and 2016. The comments led the euro to reverse earlier declines and rise to $1.2638, from a daily low of $1.2610.
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