January 25, 2018 / 2:02 PM / a year ago

Euro hits fresh three-year high, nears $1.25, as Draghi speaks

The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach/File Photo

LONDON (Reuters) - The euro surged to a fresh 3-year high on Thursday after European Central Bank President Mario Draghi said economic data pointed to “solid and broad” growth with inflation likely to rise in the medium-term from subdued levels.

Euro rose as much as 0.7 percent to $1.2498 against the dollar.

Europe’s benchmark STOXX 600 equity index gave up gains to trade 0.1 percent lower as the euro rose, while euro zone stocks remained in positive territory, up 0.1 percent.

Euro zone government bond yields rose across the board, trimming earlier falls after Draghi said inflation would rise in the medium term. The yield on Germany’s 10-year government bond hit six-month highs to 0.549 percent.

Reporting by London markets

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