Euro falls sharply vs dollar after Draghi comments

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Associated Press

Posted on February 7, 2013 at 3:00 PM

Updated Thursday, Feb 7 at 4:01 PM

NEW YORK (AP) — Comments about the euro from European Central Bank president Mario Draghi are pushing the currency sharply lower against the dollar.

The euro fell to $1.3394 in afternoon trading from $1.3525 late Wednesday.

Still, the euro has been trading above $1.30 since December and jumped above $1.35 last month. A stronger euro could raise the price of exports, possibly slowing economic activity.

ECB president Draghi says that he will keep a close eye on the impact of a stronger euro. Draghi says the currency's strength is a sign that investors are more confident in the region, but it could hurt economic growth.

The British pound rose to $1.5706 from $1.5666.

The dollar rose to 93.47 Japanese yen from 93.38 Japanese yen.

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