Euro rises against dollar after Draghi speech

NEW YORK, N.Y. – The euro is rising against the dollar after European Central Bank President Mario Draghi indicated that an interest rate cut for the region is not coming soon.

The euro rose to $1.3100 in afternoon trading from $1.2994.

Draghi, at a press conference Thursday, urged indebted governments to move beyond spending cuts and tax hikes and introduce reforms that would boost growth and cut unemployment.

The dollar rose to 94.90 Japanese yen from 94.06 Japanese yen.

The British pound fell to $1.5025 from $1.5039.