The euro fell after European Central Bank President Mario Draghi said he didn’t signal stepping up bond purchases to spur growth.

The euro reached the lowest level this month versus the greenback, reversing brief gains, after Draghi’s comments damped speculation that the ECB would expand its bond- buying role to stem the region’s debt crisis.

Draghi said during a press conference in Frankfurt that he was “kind of surprised by the implicit meaning” that was given to his comments last week when he said the ECB could follow faster fiscal union with “other elements.”