The euro reached a 2.5 year high versus the dollar on Friday, as a policy meeting by the European Central Bank gave bulls cause for short-term optimism and did little to support the beleaguered US currency.

Asked when the central bank will decide on potential policy tapering, ECB President Mario Draghi said on Thursday the bulk of these decisions will probably be taken in October. That was enough to make euro bulls upbeat on the single currency’s near-term outlook

But Draghi also said the ECB must take into account the weakening of inflation owing to the strong euro, with the central bank having opted to lower some of its inflation projections to reflect a firming common currency.

Furthermore, the ECB reaffirmed its ultra-easy policy stance by retaining rates at record lows, even keeping the door open to increasing bond purchases if needed, despite the euro zone’s best economic run since the global financial crisis.