The euro stayed weaker against the dollar as European Central Bank President Mario Draghi said some risks to growth have “materialized.”

The 17-nation currency slid 1 percent to $1.2398 at 1:33 p.m. London time, falling to less than $1.24 for the first time since June 4. The euro dropped 0.8 percent to 99.24 yen.

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net