* Euro higher across the board, back near $1.1200

* Draghi says more time needed before deciding on further action

* Fed Chair Yellen's speech next in focus

By Ian Chua

SYDNEY, Sept 24 (Reuters) - The euro clung to broad gains early on Thursday, having rallied after the head of the European Central Bank downplayed the need for further monetary stimulus any time soon.

ECB President Mario Draghi said while the risks to Europe's inflation and growth outlook have increased due to the emerging market slowdown, the bank would need more time before deciding to take any fresh action.

The euro bounced above $1.1200 overnight and last stood at $1.1187, pulling away from Wednesday's session low of $1.1105. It climbed to 134.52 yen from a two-week trough of 133.18.

Against sterling, the common currency fetched 73.36 pence , up from a one-month low of 71.94 set on Tuesday.

"If the current rally in EUR/USD extends to re-test the previous August high of 1.1714, there is a risk Draghi will talk down the euro," said Joseph Capurso, senior currency strategist at Commonwealth Bank.

"But for now, there is some further upside pressure in EUR/USD. We don't anticipate a re-test of the August highs for at least some weeks."

Markets have taken the view that the other major central banks were under growing pressure to do more after the Federal Reserve delayed a long-anticipated hike in interest rates last week due in part to a soft global outlook. So Draghi's comments came as something of a disappointment to euro bears.

In contrast, the dollar was little changed on the yen at 120.26, continuing to trade around the 120.00 level as it has for much of this month. The dollar index was at 96.197 , having recoiled from a 2-1/2 week high of 96.548.

Draghi's comments followed business surveys showed activity in China shrank at a faster pace than expected this month, while growth in the euro zone slowed slightly. The reports added to concerns about the shape of the global economy.

The Australian dollar, often used as a liquid proxy for China plays, wallowed just below 70 U.S. cents, having shed nearly a full U.S. cent in the past 24 hours.

There is little in the way of market-moving data out of Asia on Thursday. The key focus for markets will be a speech by Fed Chair Janet Yellen, who is due to speak on "Inflation Dynamics and Monetary Policy" at 2100 GMT.

(Reporting by Ian Chua; Editing by Eric Meijer)