The euro pared some losses against the dollar on Monday after European Central Bank President Mario Draghi said the euro zone economy has strengthened enough to lift regional inflation towards the ECB's 2-percent goal. At 11:18 am (1618 GMT), the single currency was down 0.40 percent at $1.2410, which was below a three-year peak of $1.2536 set on January 25, Reuters data showed.