The Euro has accelerated its downward momentum vs. the US Dollar (USD) on Monday, sending EUR/USD south of the 1.1600 support to hit new two-week troughs. The pullback came as the Greenback found its footing again, nudging the Dollar Index (DXY) well north of the 98.00 hurdle.

The pound briefly hit a two-year low versus the euro on Monday, before rebounding, and dipped on the dollar, though its moves were largely a function of those elsewhere as investors digested the announcement of an EU-U.

“Further euro strength is likely to be self-defeating,” said Valentin Marinov, a currency strategist at Crédit Agricole, a French bank. Exports were already likely to weaken and become a drag on the eurozone economy because of U.S. tariffs and European government policies that would encourage more imports.

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Investing.com - Trend following investors have recovered their positions on long EUR/USD trades following a rebound in the euro this week, according to Bank of America (NYSE: BAC) analysis released Monday.

The EU needs more than a digital euro to respond effectively to the USD stablecoin surge, according to ECB adviser Jürgen Schaaf.

The Indian rupee is likely to open weaker on Tuesday, weighed down by a jump in the dollar index following a steep decline in the euro, as investors digested the implications of the recent US-EU trade deal.