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According to Reuters, the euro was up 0.8 per cent against the US currency midway through yesterday's trading in New York.
Forex traders pushed the euro up despite the European Central Bank's decision to cut interest rates to 2.5 per cent.
There was also good news for sterling, which steadied at $1.47 on Thursday.
The stabilising was welcome news for the pound, which had previously dipped to its lowest level in more than six years.
Interest rates were also cut by the Bank of England's monetary policy committee yesterday.
The UK's central bank decided that a further one per cent cut is necessary to bring the country from the brink of a recession.
It followed a cut of 1.5 per cent in November.
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