The euro sustained its recent gains against the dollar on Monday, as traders shrugged off a credit downgrade for Greece.
The chances of an interest rate hike from the European Central Bank in April continue to rise along with price of crude oil, which topped $106 a barrel in New York this morning.
European policy makers are expected to be far less tolerant of surging food and energy prices than their U.S. counterparts at the Federal Reserve.
The euro touched a fresh 4-month high of $1.4035 against the dollar, having picked up more than a dime in the past two months.
Versus the yen, the euro held last week's gains to fetch Y115.20.
The single currency reached a monthly high of GBP 0.8620 versus the sterling.
In economic news from the euro zone, an indicator of investor sentiment in the Eurozone rose to its highest level in nearly three-and-a-half years in March, latest survey showed Monday.
The Sentix investor sentiment index, an indicator of confidence around 900 investors, rose to a new high of 17.07 in March from 16.70 in February. The indicator rose for a third consecutive month. Economists were looking for a score of 17.2.
Moody's Investors Service on Monday lowered Greece's credit ratings by three notches citing significant risks associated with the implementation of fiscal consolidation measures.
The agency downgraded Greek bond ratings to B1 from Ba1 and assigned a negative outlook.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.