The euro retraced its early gains against its most major counterparts in early European deals on Tuesday, after the European Central Bank Chief Economist Peter Praet brushed aside speculation for a quicker pace of normalising policy.
Although there is clear progress in underlying consumer inflation, it’s a long process and conditioned on very easy monetary conditions, he told in London.
There was “nothing new” in Draghi’s comments, he added.
The euro pared gains to 0.8940 against the pound and 1.1734 against the greenback, from its early highs of 0.8975 and 1.1774, respectively.
The single currency reversed from an early high of 132.96 against the yen, easing back to 132.46.
The next possible support for the euro is seen around 0.88 against the pound, 1.15 against the greenback and 131.00 against the yen.