2018.04.1101:17:00UTC+00Euro Climbs after ECB Nowotny’s Comments

The euro was slightly higher at $1.2358 and on its fourth session of gains after a top European Central Bank policymaker said the bank could raise its sub-zero deposit rate before normalising monetary policy.

The common currency was not far from a two-week high of $1.2378 scaled overnight after European Central Bank policymaker Ewald Nowotny told Reuters in an interview that its 2.55-trillion euro bond buying program would be wound down by the end of this year.

The euro has risen around three percent this year on expectations that the ECB would eventually normalize monetary policy and hike interest rates.

The dollar fell 0.05 percent to 107.130 yen. The greenback had gained 0.4 percent overnight when an uptick in risk appetite weakened demand for its Japanese peer, often sought in times of market turmoil and political tensions.

The dollar index against a basket of six major currencies was little changed at 89.600 after losing 0.3 percent the previous day.