Euro lunges to highest since April vs dollar on Draghi impact

Market participants had been wary that ECB President Mario Draghi would signal rate cuts in the coming months, but he gave no hint that the central bank was contemplating a rate cut any time soon, a bullish signal for investors.

The euro's 0.6 percent gain added to the 1.6 percent advance on Thursday, its biggest daily gain in five months. Draghi spoke after the ECB left its benchmark rate unchanged at 0.75 percent.

While U.S. data had marginal impact on trading it did not hinder appetite for risk. "The shift in rhetoric by ECB President Mario Draghi from 'this is a financial crisis' to now 'this is an economic growth crisis' signals what could be a shift in policy making," said

Christopher Vecchio, Currency Analyst at DailyFX. "Indeed, with no governments requesting a rate cut, a period of calm has descended on Europe."

The euro rose as high as $1.3365 and last traded at $1.3346, up 0.6 percent on the day.

The euro's ascent helped it to its highest since December 2011 against the Swiss franc.

The euro also rose as high as 119.32 yen touching its highest level since May 2011. The U.S. trade deficit unexpectedly grew in November, exerting a drag on economic growth, although

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