NEW YORK (AP) — The euro fell against the dollar Thursday after the head of the European Central Bank didn't offer any concrete new measures to help Europe's economy.
Traders had expected the central bank's president, Mario Draghi, to announce some sort of plan after he said last week that he will do "whatever it takes" to save the euro.
Instead, Draghi said the ECB would make an effort to buy government bonds, but he didn't offer any specifics. Draghi made his comments Thursday at a press conference after the ECB met to set interest rates.
"This meeting has dealt a blow to Draghi's credibility, and the mixed market reaction shows that the ECB's communication skills may need some work," said Kathleen Brooks, a currency research director FOREX.com, in a note to clients.
The euro fell to $1.2176 in late trading Thursday from $1.2233 late Wednesday.
The British pound fell to $1.5506 from $1.5552. The dollar rose to 0.9866 Swiss franc from 0.9821 Swiss franc and to 1.0076 Canadian dollar from 1.0042 Canadian dollar.
The dollar fell to 78.25 Japanese yen from 78.47 yen.