CANBERA (dpa-AFX) - The euro strengthened against other major currencies in the European session on Monday, as traders speculate that the European Central Bank (ECB) will raise interest rates once more this year.
In the hopes that the ongoing aggressiveness in the Middle East won't continue, the Euro gained strength.
Global inflation expectations have once again become unstable due to rising oil prices brought on by the US and Iran's increased conflict.
Qatar, Oman, and Pakistan are still working to ease tensions with the United States (US), according to an Iranian Foreign Ministry spokeswoman.
Following reports that the Strait of Hormuz, a crucial chokepoint to about one-fifth of the world's petroleum supply, is once again closed, markets are waiting for further remarks from ECB officials regarding the Eurozone inflation outlook.
In the European trading today, the euro rose to a 4-day high of 0.8541 against the pound and a 3-week high of 0.9256 against the Swiss franc, from an early lows of 0.8516 and 0.9227, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.86 against the pound and 0.93 against the franc.
Against the U.S. and the Canadian dollars, the euro edged up to 1.1446 and 1.6176 from an early near 2-week low of 1.1385 and more than a 2-week low of 1.6136, respectively. The euro may test resistance around 1.16 against the greenback and 1.62 against the loonie.
Against the yen and the Australian dollar, the euro edged up to 185.47 and 1.6481 from early lows of 184.55 and 1.6420, respectively. On the upside, 187.00 against the yen and 1.66 against the aussie are seen as the next resistance levels for the euro.
Looking ahead, U.S. budget statement for June is slated for release in the New York session.
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