The euro rose in the European market on Monday against a basket of global currencies, continuing its recovery for the second consecutive day from a three-week low against the US dollar, amid active buying from lower levels.

The European Central Bank is scheduled to meet this week, and is expected to keep interest rates unchanged after a series of cuts, with markets anticipating more clues on the eurozone rate path through the end of the year.

The Price

Euro exchange rate today: The euro rose against the dollar by 0.2% to ($1.1652), from todays opening price of ($1.1628), after recording a low of ($1.1615).

The euro ended Fridays trading up by 0.25% against the dollar, marking its second gain in the last three days as part of a recovery from a three-week low of $1.1556.

Last week, the euro lost 0.55% against the dollar, posting a second consecutive weekly loss due to tough trade negotiations between the European Union and the United States.

The US Dollar

The US Dollar Index fell by 0.3% on Monday, extending losses for the second straight session and moving away from a three-week high, reflecting continued weakness in the dollar against a basket of major and minor currencies.

Aside from profit-taking, the dollar is weakening after comments from some Federal Reserve officials regarding the likelihood of a rate cut in July.

Federal Reserve Governor Christopher Waller said on Friday that he prefers a rate cut at the July meeting, believing that tariffs are likely to have only a limited impact on inflation.

Waller added that the underlying data does not point to a healthy private-sector labor market, and that the Federal Reserve needs to get ahead of any potential slowdown in employment.

Wallers comments came amid near-daily criticism from US President Donald Trump toward Fed Chair Jerome Powell for hesitating to cut rates.

The European Central Bank

The European Central Bank will meet on Wednesday and Thursday this week to assess monetary policy in light of recent economic developments in the eurozone.

The bank is widely expected to keep eurozone interest rates unchanged at 2.15%the lowest level since October 2022.

Markets are awaiting further signals on whether the European Central Bank will continue easing monetary policy and cutting interest rates throughout this year.