Euro rose on Monday against a basket of world currencies to widen its gains for a fifth straight day against the US dollar, hitting a four-week high as the greenback continued to fall against most major and minor currencies after US labor market data. The European Central Bank (EC) Governor Mario Draghi’s testimony to the European Parliament on Tuesday is looking for signs of the future of monetary policy in the euro area, especially after the end of the bond purchase program in December.
Euro rose against the Dollar by 0.2% as of 07:22 GMT, trading at $ 1.1765, the opening price of $ 1.1739, the highest at $ 1.1779 since June 14 and the lowest at $ 1.1739.
Euro added 0.45% against the US dollar on Friday, its fourth daily gain in a row, as the greenback continued to fall against most currencies.
Over the course of last week, the euro gained 0.5% against the dollar, its third consecutive weekly gain, other than the fall of the greenback. The single European currency received strong support from Germany with better than expected economic data, Chancellor Angela Merkel and Interior Minister Horst Siehofer.
USD index fell more than 0.2% on Monday, extending losses for the fifth day in a row, reflecting the continued decline of the US currency against most major and secondary currencies, especially after the decline of the possibility of the Federal Reserve to raise interest rates four times this year.
The prospects fell after Friday’s labor market data in the United States, which showed a decline in average wages in June and a rise in unemployment during the same month, which raised relative uncertainty in the growth path of the world’s largest economy in the second quarter of this year.
Investors in successive times are awaiting the European Central Bank (ECB) Governor Mario Draghi’s testimony before the European Parliament in Brussels for signs of the future of monetary policy in the euro area, especially after the end of the bond purchase program in December.
The first part of the certificate will be released by 13:00 GMT on economy, monetary policy and currency in front of the European Parliament’s Economic and Monetary Affairs Committee and the second part by 15:00 GMT before the same committee but on systemic risk in Europe.