Euro backs off two-week high

Euro fell on Monday away from a two-week high hit earlier today, as negative pressures mount on the common currency due to expectations of a U.S. rate hike this month, underpinning the dollar.
 
EUR/USD last traded at 1.0587, down from the opening of 1.0623, with an intraday high at 1.0643, and a low at 1.0580.
 
Euro's current drop comes after a steady start for the dollar against a basket of currencies, hurting the common currency, specially amid a lack of important data today from the euro zone.
 
On the other hand the policy divergence is widening between the European Central Bank and the Federal Reserve, after Fed Chair Yellen all but confirmed a rate hike in the bank's next meeting, hurting the euro futher.
 
Markets now await crucial U.S. employment data on Friday, which the bank relies upon to assess the labor sector's condition before taking policy decisions, with investors preferring to wait before staking new positions.