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Euro went slightly higher against U.S. dollar after Draghi’s policy meeting

The euro inched higher against the U.S. dollar on Friday after the European Central Bank policy meeting.

The common currency rose about 0.5 percent at $1.2027 following its surge overnight by 0.8 percent. It is on track for a 2-1/2 year high of $1.2070 notched on August 29. However, the euro was a shade lower against the Japanese yen at 130.360.

On Thursday, ECB confirmed its policy stance based on keeping its rates lower and extending financial stimuli, regardless of opening its doors to bond purchases.

According to ECB President Mario Draghi, the strength of the common currency is already taking its effect on inflation and it will be a main factor for the central bank this October when it continues to proceed with its immense stimulus program next year.

Looking on other currencies, the U.S. dollar index remained stable at 91.480 against its major opposing currencies. The greenback briefly notched a ten-month low versus the yen at 108.050 during the day.

Gold futures were given a lift by a declining dollar

The price of gold touched its best level since September 2016 after the dollar got surpassed by a much stronger euro on Friday.

U.S. gold futures edged up more than 0.3 percent to trade at $1,354.40 an ounce for its December delivery. Spot gold touched a one-year high at $1,350.46 an ounce.

The yellow metal gained support from a declining dollar because it made the bullion cheaper for holders outside the U.S., and this further strengthened demand.

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