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Euro breaches $1.16 for first time since May 2016

The common currency extended its rally in late-afternoon action in Europe, crossing above $1.16 for the first time since May last year.

The euro jumped as much as 1 per cent on the dollar to $1.1631, according to Bloomberg data. The pound, meanwhile, tumbled as much as 1.26 per cent to €1.117.

Thursday’s tumult came as investors parsed comments from Mario Draghi, head of the European Central Bank. In a Q&A with reporters, Mr Draghi repeatedly dodged the opportunity to push back at recent strength in the currency, suggesting policymakers are comfortable with its ascent.