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Euro rises after Draghi speech

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March 7, 2013 04:11 PM EST | AP

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NEW YORK — The euro rose against the dollar Thursday after European Central Bank President Mario Draghi indicated that an interest rate cut for the region is not coming soon.

The euro rose to $1.3104 in late trading Thursday from $1.2994 late Wednesday.

Draghi, at a press conference Thursday, urged indebted European governments to move beyond spending cuts and tax hikes and introduce reforms that would boost growth and cut unemployment. Draghi said he still expects a gradual recovery in the second half of the year.

On Friday, investors will be watching February's employment report to see if the U.S. job market is improving.

The dollar fell to 0.9427 Swiss franc from 0.9479 Swiss franc from 1.0289 Canadian dollar from 1.0311 Canadian dollar.

The dollar rose to 94.85 Japanese yen from 94.06 Japanese yen.

The British pound fell to $1.5018 from $1.5039.