Euro rises for first time in four sessions against dollar

Euro rose against the dollar away from March 2 lows following earlier data from the euro zone and amid a lack thereof from the US, while investors await the Federal Open Market Committee's policy meeting later this week. 

As of 03:46 GMT, EUR/USD rose 0.21% to 1.2316 from the opening of 1.2304, with a session-high at 1.2325, and a three-week low at 1.2258. 

Earlier Italian data showed industrial output fell 1.9% in January, compared to a 2.1% rise in December, while analysts expected a 0.5% drop, as the trade balance for Italy registered a deficit of 0.09 billion euros, compared to a 5.25 billion surplus in January, also missing expectations of a 4.87 billion surplus. 

As for the whole zone, the trade deficit shrank to 19.9 billion euros from 23.2 billion, missing expectations of 22.6 billion, while the G20 meetings have started in Argentina, which are usually closed for the media, but some officials give statements to outlets throughout the day until the official statement of the group is released. 

Bank of France Governor François Villeroy pointed in earlier remarks to the progress being made towards inflation targets, while adding that the European Central Bank is rebalancing its monetary policy gradually back to normal. 

European Union chief Brexit negotiator said that a transition deal has been reached with Britain, with the new deal considered a crucial step in the process, while cautioning that a final agreement on Ireland's borders with the UK hasn't been reached yet. 

From the US, Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, earlier today, while markets await the Federal Reserve Open Market Committee's policy meeting this week, at which policymakers are expected to hike interest rates by 25 basis points.