Bloomberg News

Euro Pares Advance as Draghi Sees ‘Downside Risks’ to Economy

January 12, 2012

Jan. 12 (Bloomberg) -- The euro pared its advance against the dollar and the yen after European Central Bank President Mario Draghi said the euro area economy is facing “substantial downside risks.”

The euro was 0.1 percent stronger at $1.2719 as of 1:37 p.m. London time, after climbing as much as 0.6 percent. Against the yen, the 17-nation currency rose 0.1 percent to 97.79, after an increase of as much as 0.6 percent.

To contact the reporter on this story: Paul Dobson in London at

To contact the editor responsible for this story: Daniel Tilles at

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