Reuters: US Dollar Report: Euro trims gains vs dollar in volatile trade

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Euro trims gains vs dollar in volatile trade Aug 2nd 2012, 12:50 NEW YORK | Thu Aug 2, 2012 8:50am EDT NEW YORK Aug 2 (Reuters) - The euro pared gains versus the dollar in volatile trade on Thursday as traders digested comments from European Central Bank President Mario Draghi. The euro had earlier spiked higher as Draghi began his press conference following the bank's decision to leave rates unchanged as expected. It rose to a four-week high of $1.2404 on Reuters data, before sharply paring gains to $1.2275, up 0.4 percent on the day. The European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilize stressed euro zone borrowing costs, Draghi said on Thursday. "I haven't seen any concrete evidence that the ECB is close to acting boldly in a way that would back up the comments from last week," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. Draghi heightened speculation of further bank purchases of Italian and Spanish bonds when he said last week he would do "whatever it takes to preserve the euro."

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