Euro relinquishes gains after ECB meeting

Euro fell on Thursday after hitting a three-week high, following the European Central Bank's meeting, at which it kept interest rates unchanged and extended its stimulus program to September.
 
EUR/USD last traded at 1.0638, down from the opening of 1.0761, with a session-high at 1.0870, and a low at 1.0618.
 
Euro's drop comes after the ECB announced a cut in the government''bonds buying program by 20 billion euros, while extending the program to September, while weighed on the euro.
 
The post-meeting conference saw the ECB president Mario Draghi assert on the point that the cuts in the program aren't part of an unwinding for the program, as the bank extended it to September.
 
Draghi also confirmed the bank's monetary policy is adjustable, and the bank is ready to adjust the assets buying program, either by changing the period or the value if needed with economic and financial developments.
 
Euro's drop today reflects the concern of pumping more liquidity into the Eurozone, which would sap the value on the common currency.