EUR rose against most of its major rivals in the European session on Monday, as it regained some ground after last week’s decline, which occurred in response to increased expectations of a reduction in interest rates by the European Central Bank in June.
Markets heightened their bets for a June rate cut after the Swiss National Bank surprised the markets with a 25-basis-point rate decrease last Thursday, while the Eurozone’s PMI readings indicated that the region’s economy remains weak. Against this backdrop, the single European currency fell to a three-week low versus the U.S. currency.