Francesco Pesole from ING stated that if European Central Bank policymakers maintain the prospect of rate hikes at the ECB Forum held in Sintra, Portugal from Monday to Wednesday, it may provide some support for the euro.

He stated in a report: "This week, the stance shown by numerous European Central Bank speakers is likely to keep the market leaning towards tightening, thereby keeping inflation expectations controlled." ING Group expects another interest rate hike in September. He noted that although the euro faces pressure from the strengthening US dollar, the European Central Bank’s signals for rate hikes should limit the downside. The euro rose 0.1% to $1.1399. ING Group expects the euro to remain above $1.1300 and gradually rise to $1.1500 in July.