Euro climbs for second straight session

Euro rose in European trade against dollar for another session following remarks by Fed Chair, which cut chances for a rate hike next year, while the European Central Bank convenes tomorrow to decide on the future of monetary policy in the euro zone. 

EUR/USD rose 0.2% to 1.1665, with a session-low at 1.1635, after closing up 0.2% on Friday, resuming the gains after a short hiatus yesterday on profit-taking away from three-week highs at 1.1670.

The euro rose 0.4% last week, the second weekly profit in a row amid concerns about divergent monetary policies in Europe and the US.

The dollar index fell 0.2% on Monday for another session, marking four-week lows at 93.48 against a basket of major rivals.

The decline comes after Fed Chair Jerome Powell said time is imminent to start cutting down bonds purchases but it's nowhere close yet for a rate hike. 

The ECB is convening on Wednesday to decide on monetary policy and analyze the developments in the euro zone, with most analysts expecting no change of policy of any kind.