The dollar strengthened against its major rivals Monday as comments from the European Central Bank’s top economist in an interview published over the weekend suggested that the door to more stimulus from the ECB remains open.The remarks support the idea that, even though the Federal Reserve opted not to raise interest rates at its meeting last week, the Fed will still likely be the first major central bank to begin normalizing its monetary policy.
The euro EURUSD, +0.0983% fell to an 11-day low of $1.1181, but trimmed its losses slightly to $1.1193 in late Monday trade in New York. That represented a 1% decline from $1.1309, its level late Friday.
The dollar USDJPY, -0.15% also strengthened against the yen, rising 0.5% to ¥120.55, compared with ¥120 late Friday.
The ICE U.S. dollar index DXY, -0.13% which measures the dollar’s strength against a basket of six rivals, rose 1.1% to 95.8810.
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