Euro falls to near two-week trough ahead of Draghi's remarks

Euro fell in European trade on Monday against a basket of major rivals, nearing two-week lows against the dollar as investors bet that US and Europe will avoid a full-fledged trade war, while traders await remarks by European Central Bank President Mario Draghi later today. 

EUR/USD dipped 0.1% as of 07:44 GMT to 1.1572 from the opening of 1.1585, with a session-high at 1.1602, and a low at 1.1565. 

Euro rose 0.35% against the dollar on Friday away from two-week lows hit earlier in the session at 1.1543, with the US dollar suffering from mounting US-China trade concerns. 

Last week, euro lost 1.4% versus the dollar, the largest weekly decliner since early February due to the ECB's policy meeting. 

The ECB decided to hold interest rates steady while extending to the bonds purchase program for three more months to December, and cutting its volumes to 15 billion euros a month from 30 billion. 

The ECB said it's unlikely to see a rate hike before summer 2019, with Mario Draghi stating that "We didn't discuss the timing of a rate hike". 

The dollar index rose over 0.1% on Monday, resuming its advance after falling off 11-month peak on Friday from 95.13 on profit-taking due to US-China trade worries. 

The US decided on Friday to impose tariffs of $50 billion worth of Chinese imports, with China retaliating with 25% taxes on 659 US products. 

Now investors await ECB President Mario Draghi's speech later today at the ECB Forum on Central Banking, in Portugal, to gather any clues about the future of European monetary policy.