Credit: Investing.com -
Investing.com - The euro fell to fresh three-month lows against the dollar on Monday ahead of a speech by European Central Bank President Mario Draghi later in the day, as expectations for monetary easing continued to pressure the currency lower.
EUR/USD hit lows of 1.3615, the weakest since February 13 and was last at 1.3621.
The pair is likely to find support at 1.3575 and resistance at 1.3658, Friday's high.
Draghi was to speak at the ECB Forum in Portugal later Monday, with investors watching for any indications on the future direction of monetary policy.
The euro has weakened broadly against the other major currencies, falling more than 2% against the dollar since the ECB indicated at its May 8 meeting that it is comfortable with easing monetary policy as soon as its next meeting in June, to tackle low levels of inflation in the region.
Sentiment on the shared currency was also hit after anti-European Union and far-right parties performed strongly in elections to the European Parliament in some countries over the weekend, amid voter anger over austerity and high unemployment.
Trade volumes were expected to remain thin on Monday with U.K. markets closed for a public holiday and markets in the U.S. remaining shut for the Memorial Day holiday.
The euro was close to 17-month lows against the pound, with EUR/GBP at 0.8090, after falling to lows of 0.8080 on Friday, the weakest level since December 2012.
The euro was also weaker against the yen, with EUR/JPY slipping 0.11% to 138.84, not far from the more than three-month trough of 138.13 struck last Wednesday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
