23.09.201521:16:18UTC+00Euro soars as Draghi plays down need for more stimulus

The euro surged as European Central Bank President Mario Draghi said the central bank needs more time to determine whether additional monetary stimulus is necessary.

Addressing the European Parliament in Brussels, Draghi mentioned ECB's bond buying program has sufficient built-in flexibility.

Against the US dollar and the Japanese yen, the common currency closed at $1.1186 and ¥134.54, respectively.

It does not sound Draghi is keen on extending or pursuing more aggressive tone and rhetoric, said Jeremy Stretch, Head of Foreign-Exchange Strategy at Canadian Imperial Bank of Commerce.

Earlier, ECB Governing Council member Ewald Nowotny mentioned he is wary of bolstering monetary stimulus any time soon.