May 2, 2013 / 12:55 PM / in 4 years

Euro little changed vs dollar as ECB's Draghi speaks

NEW YORK, May 2 (Reuters) - The euro traded little changed against the dollar in choppy action after European Central President Mario Draghi told a news conference the ECB’s monetary policy stance will remain accommodative for as long as needed.

The ECB earlier cut its benchmark refinancing rate by 25 basis points to 0.5 percent, its first cut in 10 months.

The euro rose to a session high of $1.3215 after Draghi spoke, and analysts said the ECB’s move and Draghi’s comments boosted hopes the euro zone economy will gradually recover.

But it later pared those gains and last traded at $1.3176, flat on the day. Draghi said the euro zone’s growth outlook is subject to downside risks.

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