The euro fell heavily against the dollar Thursday after European Central Bank chief Mario Draghi announced no immediate monetary measures to ease debt pressures in the eurozone.
The euro briefly topped $US1.24 during the day, which was the highest level since June 5 but it quickly pulled back to $US1.2183, down 0.4 per cent from New York late Wednesday, as traders fretted over the lack of concrete ECB measures.
Draghi said the ECB was considering intervention but the details had still to be worked out over coming weeks with member state governments -- a comment which many took to mean eurozone paymaster Germany remained opposed.
"As markets digest the fact the ECB has done nothing concrete to sort out Spain's problems, $US1.20 comes back into view," said research director Kathleen Brooks at trading site Forex.com.
"The European Central Bank talked tough but offered no immediate measures to try to solve the eurozone sovereign debt and economic crisis," Charles Schwab & Co. analysts said.
The pound fell 0.2 per cent to $1.5515.
The dollar fell 0.2 per cent to 78.24 yen and was up 0.3 per cent to 0.9858 Swiss francs.