The Australian dollar is lower, after gaining for more than a week, amid a strong euro rally.

At 0700 AEDT on Friday, the local unit was trading at 74.52 US cents, down from 74.79 US cents on Thursday.

The Australian dollar rose to a high of 75.12 US cents in overnight trade.

Westpac economists said the European Central Bank had slashed the deposit rate by 10 points and expanded quantitative easing by €80 billion (A$120.38 billion) a month.

However, they said, ECB president Mario Draghi then promised the central bank wouldn’t slash interest rates any further, which boosted the euro at the expense of riskier currencies like the Australian dollar.

“AUD slipped overall, from 0.7480 to 0.7427 after briefly spiking to 0.7512 post-Draghi,” the Westpac economists said in a note.

There are no local risk events for the currency on Friday, but final eurozone consumer price index for February and US terms of trade data are due later in the evening (AEDT).

Chinese industrial production data also is due to be released over the weekend.

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