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Euro makes slight gains on dollar after ECB announcement

7th March 2014

The euro made a slight gain on the dollar following the European Central Bank's (ECB) policy statement yesterday (March 6th). 

As of 9:20 GMT, the European currency was up 0.10 per cent on the greenback at $1.3875.

The ECB revealed it will be holding interest rates at their current record-low level of 0.25 per cent. 

Mario Draghi, the bank's president, claimed no further action was necessary to boost the eurozone's economic recovery, which has contributed to the slight rise in confidence among forex traders regarding the euro. 

The European currency has dropped against the pound however, falling 0.03 per cent to €0.8277. Against the yen, the euro has also dropped 0.03 per cent, coming in at 142.8100.

Elsewhere, the dollar has fallen 0.15 per cent on the Japanese currency ahead of the release of economic data for Japan today.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.