Euro rose on Monday against a basket of global currencies to continue gains for the fourth day in a row against the US dollar as the US currency remains under pressure from prospects that the Federal Reserve will cut interest rates by the end of this month, which have rose the market's hopes for a reduced gap between the course of monetary policy in Europe and the United States.

As of 07:55 GMT, EUR/USD rose 0.1%, trading at $1.1280, from the opening price of $1.1269, with the highest at $1.1283, and the lowest at $1.1263.

Euro gained 0.15% against the dollar on Friday, its third straight daily gain, as the US currency's sell-off continued against most major currencies.

Over the past week, euro gained 0.4% against dollar, its first weekly gain in the past three weeks, due to Federal Reserve Chairman Jerome Powell's comments before the US Congress, which increased the likelihood of a US rate cut.

The dollar index fell 0.1% on Monday, extending losses for the fourth day in a row, reflecting the continued decline of the greenback against a basket of global currencies, as the greenback is still under pressure of market's prospects for the Federal Reserve to cut interest rates at the end of the month.

The Federal Reserve Chairman Jerome Powell's remarks made last week and the Chicago Fed Chairman Charles Evans pointed to the need to lower interest rates in the United States to face rising risks.

With US interest rates likely to fall, hopes for a narrowing of the gap between Europe and the US monetary policy have rose this year, but wait for more signs of the ECB easing monetary policy to boost the euro-zone economy.

The International Monetary Fund last week urged the European Central Bank to add new incentives to ease growing economic risks. The IMF warned that the euro-zone economy is facing the risks of the global trade tensions, Britain's break-up from the EU and Italy's debt crisis.

Litecoin fell by more than 2% or more than $2 on Monday to continue its four weeks downtrend, which has widened with the end of last week after the US President Donald Trump said through his twitter account that he is not a supporter of cryptocurrencies such as the Bitcoin and its sisters and demanded the need to regulate and restrict the new facebook's currency "Libra", which the social networking giant intends to release by the first half of next year.

As of 05:39 GMT, Litecoin fell 2.24% to $87.72 from its opening price of $89.58, after hitting its lowest level since May 17 at $84.70, after reaching a high of $90.06, while the market value of the fourth largest cryptocurrency in terms of value is currently about $5.54 billion.

Last week, Litecoin dropped more than 25% to reflect its fourth consecutive weekly loss, showing its longest weekly losing streak in a year as it dropped from its highest since May 15, 2018 at $146 on June 22, amid market pricing of the reduced incentive on Litecoin mining by about a half starting from next August, before entering into a corrective phase of earlier gains of this year in which its market value more than tripled.

In the same context, Litecoin is currently heading for a monthly loss of more than 28%, its first monthly loss in seven months, on correction following its monthly gains of about 7% last month to reflect its sixth monthly gain in a row, and in two years, as it is expected that the mining incentive for the Litecoin mining incentive will be reduced from 25 Litecoin to 12.5 Litecoin, which will eventually reduce the supply.

US President Donald Trump criticized the upcoming cryptocurrency "Libra", which Facebook plans to launch later next year, which came hours after US Federal Reserve Chairman Jerome Powell warning of Libra's risk to markets and investors during his semi-annual testimony before the US Congress, in which he demanded for more regulatory framework for further audit.

The Bank of England Governor Mark Carney also expressed the importance of protecting investors since the early hours of the launch of the social networking site of his digital currency Libra, and last week he talked about the extent of the danger surrounding it and that the finance ministers and central bank governors of the major industrial countries will discuss that file later on this week in France, which weighed heavily on the crypto industry.

According to CNN, Tron CEO, Justin Sun, said during last month that he is thrilled to invite his "good friend" Charlie Lee, the creator of Litecoin, to the $4.6 million crypto power lunch by July 25, in addition to the billionaire cryptocurrency skeptic Warren Buffett.

Sun hopes his friend will help him change Buffett's view of the cryptocurrency industry at the annual charity lunch in which Tron offered the highest bid at $4.6 million. The charity lunch, which will also highlight a local charity supported by Buffett's wife in San Francisco, a lot of traders in the crypto community expressed about the fact that the creator of Litecoin is a wonderful ambassador of the industry.

Silver futures fluctuated lower in a tight range during the Asian session to reflect its bounce in the ninth session of 16 from its highest since March 26, shrugging off dollar's 5-session drop[ from its highest since June 19, despite the inverse relation between them following the developments and economic data released by the Chinese economy, the largest consumer of metals globally and on the threshold of developments and economic data expected on Monday by the US economy, the largest economy in the world.

As of 05:01 GMT, silver futures (September delivery) fell 0.13% to currently trade at $15.22 per ounce from the opening at $15.24, while the dollar index fell by 0.01% to 96.83 compared to the opening at 96.84.

We followed the National Bureau of Statistics (NBS) survey for China of the seasonally adjusted GDP for the second quarter, which showed that growth accelerated to 1.6% from 1.4% in the first quarter, lower than expectations of a 1.5% growth rate. while the annual reading for the same index fell to its lowest level in 27 years at 6.2% in line with expectations compared to 6.4% in the previous annual reading for the first quarter.

In the same context, the Office also revealed the annual reading of the retail sales index, which showed that growth accelerated to 9.8% compared to 8.6% in the previous annual reading for May, contrary to expectations that indicated a slowdown in growth to 8.5%, as the annual reading of industrial production grew to 6.3% versus 5.0%, beating expectations of 5.2%, while the unemployment rose to 5.1% from 5.0% in May.

On the other hand, investors are currently looking ahead for the US economy, the largest industrial nation in the world, to release its reading for the New York Industrial Index, which may reflect the contraction of the widening to 12.1 vs. 17.8 in May, before we see the Federal Open Market Committee member and the President of the Bank of New York Federal Reserve John Williams speech at the London Inter-bank Offer Rate Transition Briefing, in New York.

Gold futures fluctuated lower in a tight range during the Asian session to reflect a 9-day bounce from its highest since May 14, 2013, shrugging off dollar's 5-session drop[ from its highest since June 19, despite the inverse relation between them following the developments and economic data released by the Chinese economy, the largest consumer of metals globally and on the threshold of developments and economic data expected on Monday by the US economy, the largest economy in the world.

As of 03:59 GMT, gold futures (August delivery) fell by 0.30% to currently trade at $1,413.50 per ounce compared to the opening at $1,417.70, as the futures started the week at a bullish price gap after closing Last week at $1,412.20 per ounce, while the dollar index fell 0.01% to 96.83 compared to the opening at 96.84.

We followed the National Bureau of Statistics (NBS) survey for China of the seasonally adjusted GDP for the second quarter, which showed that growth accelerated to 1.6% from 1.4% in the first quarter, lower than expectations of a 1.5% growth rate. while the annual reading for the same index fell to its lowest level in 27 years at 6.2% in line with expectations compared to 6.4% in the previous annual reading for the first quarter.

In the same context, the Office also revealed the annual reading of the retail sales index, which showed that growth accelerated to 9.8% compared to 8.6% in the previous annual reading for May, contrary to expectations that indicated a slowdown in growth to 8.5%, as the annual reading of industrial production grew to 6.3% versus 5.0%, beating expectations of 5.2%, while the unemployment rose to 5.1% from 5.0% in May.

On the other hand, investors are currently looking ahead for the US economy, the largest industrial nation in the world, to release its reading for the New York Industrial Index, which may reflect the contraction of the widening to 12.1 vs. 17.8 in May, before we see the Federal Open Market Committee member and the President of the Bank of New York Federal Reserve John Williams speech at the London Inter-bank Offer Rate Transition Briefing, in New York.