Euro eases after ECB holds policy steady

NEW YORK: The euro fell slightly against the dollar and the yen on Thursday after the European Central Bank (ECB) kept monetary policy on hold but pledged more easing to stimulate growth if needed.


The euro slipped to US$1.1288 and to 123.60 yen, but was flat against the pound at 0.7882.

ECB chief Mario Draghi rebuffed criticism of the eurozone bank s ultra-low interest rates, including one key rate in negative territory. “Our policies work, they re effective. Just give them time to fully display their effects.”

But he left no doubt that the ECB could further ease monetary conditions if needed.

“The governing council will continue to monitor closely the evolution of the outlook for price stability and, if warranted to achieve its objective, will act by using all the instruments available within its mandate,” he said.