Investing.com - The euro tumbled to three-week lows against the U.S. dollar on Thursday, after European Central Bank President Mario Draghi hinted at the possibility for further easing measures before the end of the year.
EUR/USD hit 1.1160 during U.S. morning trade, the pair's lowest since October 2; the pair subsequently consolidated at 1.1171, plummeting 1.57%.
The pair was likely to find support at 1.1132, the low of October 1 and resistance at 1.1351, the session high.
The euro was hit after ECB President Draghi said the central bank will "reexamine" its monetary policy in December, hinting at the possibility for further easing measures.
Speaking at the ECB's monthly press conference, Mr. Draghi added that the ECB's quantitative easing program is set to run until 2016 or beyond if necessary.
Mr. Draghi also said that downside risks have emerged for growth and the inflation outlook in the euro area.
The comments came shortly after the ECB said it was maintaining its benchmark interest rate at a record-low 0.05%, in line with market expectations.
In the U.S., the Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending October 17 increased by 3,000 to 259,000 from the previous week’s total of 256,000. Analysts had expected jobless claims to rise by 9,000 to 265,000.
The euro was also sharply lower against the pound, with EUR/GBP down 1.39% at 0.7249.
Earlier Thursday, the U.K. Office for National Statistics said retail sales surged by 1.9% last month, blowing past forecasts for a gain of 0.3%. Year-on-year, retail sales increased by 6.5% in September.
Core retail sales, which exclude automobile sales, jumped 1.7% last month, easily surpassing forecasts for a 0.3% increase.