Dollar rises vs euro as ECB's Draghi warns on downside risks

Dollar bills with Euro notes
Dan Kitwood | Getty Images

The dollar rose to a more than five-week high against the euro after European Central Bank President Mario Draghi said economic risks have moved to the downside and near-term data is likely to be weaker than previously anticipated.

On Thursday, the ECB left its policy stance unchanged as expected, keeping a rate hike later this year on the table even as the euro zone economy suffers its biggest slowdown in half a decade.

The euro was last 0.71 percent lower against the dollar at $1.1299 after falling as low as $1.1308, its weakest since Dec. 17.

The dollar index, which tracks the greenback versus the euro, yen, sterling and three other currencies, was last up 0.48 percent at 96.58.