Investing.com – The euro was almost unchanged against the dollar on Monday as markets looked ahead to testimony on monetary policy by European Central Bank head Mario Draghi later in the day.
EUR/USD was trading at 1.3600, remaining inside its recent range of 1.3575 to 1.3650.
ECB President Mario Draghi was set to speak at a hearing before the Economic and Monetary Affairs Committee of the European Parliament later in the trading day.
The euro firmed up against the dollar and the yen on Friday after falling sharply in the previous session as worries over the fiscal stability of a major Portuguese lender sparked fears over the risk of contagion.
Concerns eased after Portugal’s central bank said Friday it was satisfied that Banco Espirito Santo is able to fulfill its capital requirements.
The single currency remained under pressure after a slew of weak economic data last week underlined concerns over the outlook for the recovery in the region.
The euro was steady against the yen, with EUR/JPY at 137.94, holding above last Thursday’s five month lows of 137.48.
Elsewhere, the dollar was almost unchanged against the yen, with USD/JPY at 101.40.
The dollar looked likely to remain rangebound ahead of congressional testimony by Federal Reserve Chair Janet Yellen later in the week.
Investors were awaiting fresh indications on the future direction of monetary policy after last week’s minutes of the Fed’s June meeting revealed little new information on when rates could start to increase.