The euro initially moved higher early Thursday, after European Central Bank President Mario Draghi revealed the start date for quantitative easing bond purchases. But pressure on the single currency remained.
"A lot of people are short the euro. If the euro pops for the rest of the day, it means to me there's probably a corrective phase," trader Jim Iuorio told CNBC's "Squawk Box," shortly after Draghi said the ECB will begin its monthly $66.3 billion bond purchases next Monday.
The ECB also upped its growth forecasts for this year to 1.5 percent after positive economic data flow from the euro bloc, while cutting its inflation estimate for 2015 to zero percent.
A stronger euro would "probably would weigh on the stock market," said Iuorio, managing director at TJM Institutional Services, "because what it means is that the dollar weakens a little bit. The Fed will be less worried about exacerbating dollar strength come June, and slightly more likely to tighten."
Many market watchers have been debating on when the Federal Reserve might start raising U.S. interest rates. The June meeting had been the odds-on favorite. But recently, there's been a slide in expectations to later in the year.