Euro weakens as ECB’s inflation projections hint at further stimulus

The euro weakened against the dollar Thursday, but its decline was limited as European Central Bank President Mario Draghi expressed confidence that the central bank’s stimulus efforts would soon pay off.

As was widely expected, Draghi and his fellow policy makers left interest rates unchanged and said they would soon implement the changes to its stimulus program announced in March.

Market strategists described the tone of the ECB’s postmeeting news conference as neutral. However, the central bank’s updated projections showed annual inflation remaining well below the central bank’s 2% target in the coming years—suggesting that the ECB could extent its bond-purchasing program beyond 2017, said Valentin Marinov, chief G-10 currency strategist

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