Early trade in New York: euro falls to three-week low

The euro fell to a three-week low against the dollar on Wednesday after European Central Bank President Mario Draghi said the euro zone economic outlook is subject to downside risks relating to the debt crisis and commodity prices. The single currency dropped 0.8 percent on the day against the dollar to $1.3127. At the trough of $1.3105, it was the lowest since March 16.
The common currency also struggled against the yen, falling more than 1 percent on the day to 107.88 yen, its lowest since March 13. It was last at 108.45 yen. The greenback was last down 0.3 percent on the day at 82.59 yen, retreating from a session high of 82.93 yen.