The euro extended its gains, as some investors had hoped Draghi would try to talk down the single currency amid fears it’ll undermine the euro-area recovery. The single currency had already climbed to the highest level against the dollar since January 2015, and was up 1 percent at $1.1923 at 3:24 p.m. in New York.

The ECB chief also eschewed any comments that could be seen as prejudging the outcome of the Sept. 7 Governing Council meeting, when policy makers are planning to review their unconventional stimulus policies against the backdrop of strong growth but still-subdued inflation

Eoin Treacy's view

Both Janet Yellen and Mario Draghi avoided talking about interest rates in their speeches choosing instead to focus on regulation. What appears clear is they claim to see no relationship between the lack of evidence of tightness in credit and the extraordinary largesse they have heaped on markets. Saying that regulation has not impacted the availability of credit when one is pouring a torrent of money into the market is somewhat disingenuous at least to my eyes. Surely, we could only possibly draw that conclusion when monetary policy is neutral?

Meanwhile the refusal of either central banker to mention their respective currency gave additional impetus to the Euro’s advance versus the Dollar. It hit a new recovery high and a sustained move below $1.165 would be required to question potential for additional strength. 

The Euro extended its break below €1.10 and a clear upward dynamic will be required to check momentum.