The euro witnessed a rise in the European market today, Monday, against a basket of global currencies, continuing its gains for the second day in a row against the US dollar, after consumer price figures issued late last week, which showed continuing inflationary pressures on monetary policy makers at the European Central Bank, and reducing those pressures. There is a possibility of cutting European interest rates early this year, with the European Central Bank keeping European interest rates high for as long as possible this year.
Preliminary estimates for the annual consumer price index released by Eurostat on Friday showed a rise of 2.6% in February, higher than market expectations for a rise of 2.5%.

As for the euro’s rise, it was about 0.2% against the dollar, in addition to its rise on Friday by 0.3%, the first gain in the last four days, due to European inflation data.
In addition to the rise of 0.2% against the dollar last week, the second weekly gain in a row, amid tough comments from European Central Bank officials, and better than expected economic data in Europe.

The European Central Bank will meet on Wednesday and Thursday of this week, to discuss the appropriate monetary policy for the recent economic developments in the euro area, amid expectations of keeping interest rates constant without any change at their highest historical level since 2001, for the fourth meeting in a row, where It is expected that this week's meeting will provide more evidence about the future path of the European interest rate and the timing of starting to ease monetary policy in Europe.

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