The euro rose broadly on Monday, driven by euro zone banks drawing back foreign-held assets before year-end and the European Central Bank chief's comment that there was no urgent need to cut rates.
The euro's strength this year has baffled many commentators and investors, who had expected tough economic conditions in some member states to weigh on the single currency.
However, it has been boosted by euro zone banks repatriating funds ahead of the year-end to shore up their capital bases before an ECB Asset Quality Review (AQR), and repaying cheap crisis loans to the ECB, which tightens liquidity.
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Also helping the currency were comments from ECB President Mario Draghi, who said in an interview with German news magazine Spiegel published on Saturday that he sees no urgent need to cut the euro zone's main interest rate further and no signs of deflation.