Euro Declines Following ECB Vow to Maintain Accommodative Policy

The Euro (EUR) declined on Thursday against the U.S. Dollar (USD), after the European Central Bank (ECB) announced new monetary policy targets that suggest extending support for longer to ensure the Eurozone economic recovery while boosting inflation that has been low for nearly a decade.

The EUR/USD pair declined by 0.21% to reach 1.1771.

This marked the largest drop for the pair since July 15, bringing it to its lowest 5:00 PM (New York) level since April 2, according to data by Dow Jones Market Data.

The European currency lost about 0.73% against the greenback since the beginning of July.