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The euro has gained a little after European Central Bank president Mario Draghi said the eurozone economic recovery is becoming “increasingly solid”.

The currency hit a high for the day of $1.0928 against the dollar, up from the day’s lows.

Mr Draghi said “incoming data – notably survey results – bolster our confidence that the ongoing economic expansion will continue to firm and broaden”.

Eurozone PMI surveys in recent weeks have shown economic activity across the currency area at its healthiest level since the 2011 debt crisis.

Still, the message is nuanced. Mr Draghi also noted in his prepared remarks that inflation pressures “remain subdued” and that the central bank stands ready to take further accommodative measures.

Copyright The Financial Times Limited 2017. All rights reserved.
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