Euro rises for the fourth day against US dollar

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.