Euro rose on Monday in early trading against a basket of global currencies, continuing its second consecutive day of gains against USD, as recovery continued from a two-month low recorded earlier on Friday as risk averse investors focused on buying Low-yielding currencies as safe havens, amid a sharp decline in global equity markets.

Euro rose against the dollar by 0.1% as of 07:30 GMT, trading at $ 1.1405, the opening price of the day at $ 1.1397, the highest at $ 1.1412 and the lowest at $ 1.1386.

The euro ended Friday’s trading up 0.25% against the dollar, its first gain in three days, recovering from a two-month low of $ 1.1335 recorded earlier in the session.

Over the past week, the single European currency lost 1.05% against the greenback, the second consecutive weekly loss, on speculation that the ECB will normalize monetary policy during the summer of 2019, especially as data show that economic growth in the euro zone is slowing. The second half of this year.

Euro fell 1.8% against the dollar this month due to worries about Italy’s free spending budget, which is in breach of European Union financial rules. The European Commission has already rejected the budget and has asked the Italian government for new clarifications in less than three weeks.

The dollar index fell 0.1% on Monday, extending losses for the second day in a row, reversing the US currency against a basket of major and minor currencies, amid investors’ risk aversion and focus on buying low-yielding currencies as safe havens.