The euro rose in European markets on Monday against a basket of global currencies, continuing its positive move for the fourth consecutive day against the US dollar, benefiting from the US currency's decline ahead of an expected Federal Reserve interest rate cut this week.
With renewed inflationary pressures in the eurozone, the prospect of a European Central Bank rate cut during this week's meeting has faded. Details of this meeting are expected to provide further strong evidence about the path of European interest rates for the remainder of this year and next.
Price Outlook
Euro exchange rate today: The euro rose about 0.2% against the dollar to $1.1648, from the opening price of $1.1626, and reached a low of $1.1620.
The euro ended Friday's trading session about 0.1% higher against the dollar, marking its third consecutive daily gain, as the recovery from a nearly two-week low of $1.1577 continues.
The euro lost 0.25% against the dollar last week, marking its second weekly loss in the past three weeks, as investors focused on buying the US currency as the best alternative investment.
