The euro pushed closer to $1.20 after European Central Bank President Mario Draghi held back last week from talking down the shared currency. It was the highest position of the european currency for over 30 months, Market Watch reports.
However it was rather the result of a strong blow to the U.S. Dollar from Hurricane Harvey, rather than from the aggressive advantage of EUR.
Additionally, preliminary U.S. wholesale inventories for July came in as expected at 0.4%, undercutting the previous month’s 0.7% growth, with the ICE U.S. Dollar Index DXY, a broad measure of the greenback against six other currencies, down 0.4% at 92.3370.
Moreover, the WSJ Dollar Index BUXX was 0.2% off at 85.48 on Monday morning.
The euro EUR/USD raised to $1.1955 and earlier touched $1.1965. It gained 1.3% for all of last week.
“Fed rate-hike expectations are still subdued, while the ECB could very well provide some hints regarding an eventual reduction in its asset purchases as early as at the upcoming policy meeting next week,” said Charalambos Pissouros, senior analyst with IronFX.