Euro is staying well supported against the US dollar today, extending a break above 1.1000 mark. EURUSD pair is currently near a three week high. The pair currently quotes at 1.1778, up 0.13% on the day. The US dollar index is holding around 100.30- its lowest levels in this calendar year as focus has shifted to the possibility that the Federal Reserve could act more aggressively when it starts cutting interest rates this week. Meanwhile, the European Central Bank (ECB) should keep cutting interest rates gradually, ECB chief economist said Monday. He noted that the incoming data on wages and profits have been in line with expectations.
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