Euro Advances to One-Year High

The Euro single currency on Tuesday rose to a year high after the European Central Bank president Mario Draghi hinted of possible balance sheet normalisation.

Draghi who has consistently taken a dovish position on the European economic outlook, and insisted on May 29 the apex bank is convinced further stimulus is needed to support the economy. Changed his stance On Tuesday when he said the apex bank could adjust its monetary policy from current zero interest rates and unwind its bond purchase program as economic prospects in the region improves.

"Just the fact that the ECB is considering their options right now is considered to be a hawkish signal," said Sireen Harajli, FX strategist at Mizuho in New York.

The Euro has since risen to 1.1411 against the U.S dollar, the highest in a year.