Euro settles higher vs. dollar after Draghi's speech

Euro tilted higher against the dollar in American trade following earlier data from the euro zone and the U.S., the world's largest economy.

As of 04:09 GMT, EUR/USD rose to 1.1185 from the opening of 1.1183, with an intraday high at 1.1205, and a low at 1.1170. 

Earlier German data showed the GFK Investor Confidence index up unexpectedly in Mat, while the European Central Bank released its financial stability assessment report, as president Mario Draghi spoke in Madrid about the close monitoring by the ECB for financial stability risks.

Draghi also pointed to marked improvements in the euro zone recently, saying that current estimates for side effect reflect no need to change previous forecasts, while denying the existence of a borrowing-induced bubble, asserting there might be side effects for the monetary easing program, but positive effects are more dominant, as basic factors for inflation remain limited. 

On another note, earlier U.S. data showed a steeper-than-expected drop in existing home sales last month, while markets await the Federal Reserve's minutes for the last meeting as investors look for confirm whether the Fed will tighten the policy in the June meeting. 

Similarly, markets are waiting for more details about the Federal Reserve's efforts to cut its balance sheet of $4.5 trillion in the next period, after president Donald Trump unveiled his first full budget plan, aiming to cut government spending by $3.6 trillion and balance the budget by the next decade.