The euro headed for its best week in more than a month against the dollar as signals the European Central Bank is unlikely to cut interest rates further outweighed the latest expansion of stimulus that exceeded expectations.

The single currency, the world’s worst-performing major currency over the past month heading into the ECB meeting Thursday, is the best performer among the developed-nation currencies over the past week. It rallied as much as 2 percent after ECB President Mario Draghi explained more rate reductions probably won’t be needed.

The euro was little changed at $1.1179 as of 9:13 a.m. in Tokyo, after surging 1.6 percent to $1.1177 on Thursday. The common currency has also strengthened 1.6 percent this week, the most since a 3 percent advance in the period ended Feb. 5. It slipped 0.1 percent to 126.34 yen from Thursday when it rose 1.5 percent.

Source: Bloomberg