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Euro continues march upward against the dollar

The euro has kicked off the European trading day with further consolidation of Tuesday’s gains on the greenback, sparked by European Central Bank chief Mario Draghi’s startlingly upbeat view on the inflation outlook.

After a relatively quiet Asia session the single currency was up 0.2 per cent as trading got underway in London and Brussels at $1.1361. The euro strengthened 1.4 per cent against the dollar on Tuesday to a 10-month high.

The euro was also up 0.2 per cent against the pound at £0.88645 after closing 0.7 per cent higher on Tuesday. Sterling was basically flat against the dollar on Wednesday at $1.2817 following a rise of 0.7 per cent in the previous session.

The dollar index tracking the greenback against a basket of peers was off 0.1 per cent at 96.306.