Euro rose in European trade against the dollar, maintaining gains for the second day and moving in a positive zone ahead of fresh clues on the future path of policies in Europe.
Now traders await remarks by several ECB officials later today to reassess the odds of upcoming interest rate cuts by the ECB.
EUR/USD
EUR/USD rose 0.15% to 1.0966, with a session-low at 1.0946, after rising 0.1% on Monday, the second profit in three days away from a three-week trough at $1,0877.
Euro lost 0.9% against the dollar last week, the first weekly loss in a month amid renewed concerns about the widening interest rate gap between European and the US.
ECB Rates
Following the bullish ECB policy meeting last December, traders cut down their expectations for interest rate cuts in 2024 from 160 to 150 basis points.
Now traders await speeches by Fed officials and more data to determine the likely path ahead for policies.
Estimates
ENG Bank's Forex analysts believe that EUR/USD gains above 1.10 are hard to maintain, as gains are propelled currently by risk sentiment and stock performance.
They believe that European stocks need to maintain their current momentum if the EUR/USD is to remain strong.
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