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Euro hits highest level against the US dollar since Jan 2015 as Draghi speaks

The euro on Friday hit its highest level against the US dollar since January 2015 as European Central Bank chief Mario Draghi delivered his remarks at Jackson Hole, Wyoming, and failed to talk down the currency.

The euro surged as much as 1.2 per cent against the US dollar to $1.1941 before trimming some of those gains to trade 1 per cent higher. Mr Draghi, whose remarks were focused on the theme of this year’s symposium — namely “Fostering a Dynamic Global Recovery” — failed to speak to the strength of the euro, which has helped keep inflation lower.

In his remarks, he noted that while the global recovery is firming up and has been visible in the US for a few years, “in others like Europe and Japan, the consolidation of the recovery is at an earlier stage”.

The currency was also up against the buck after Federal Reserve chair Janet Yellen did not offer any remarks on monetary policy during her speech earlier in the day.