The euro erased its biggest one-day gain in three weeks as traders evaluated policy makers’ tone following the European Central Bank’s latest meeting.

The common currency fell versus most of its major peers as ECB President Mario Draghi said interest rates will remain at present or lower levels for an extended period of time and called on critics to give the bank’s stimulus program time to work.

“There’s not a lot of conviction at the moment in euro-dollar,” Stephen Gallo, head of European foreign-exchange strategy at BMO Capital Markets in London, said in an interview on Bloomberg TV. “For Mario Draghi, that’s a good thing. This means that he can allow market forces to do what they’ve been doing in the very near term, which is to insert a cap on top of the euro and provide support on the downside.”

The euro was little changed at $1.1287 as of 10:28 a.m. in New York, after climbing as high as $1.1398. The currency fell for the first time in four days versus the yen, slipping 0.4 percent to 123.63 yen.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE