Euro gains after biggest weekly drop in six weeks as risk appetite returns

The euro steadied on Monday after suffering its biggest weekly drop in nearly tw...

LONDON - The euro steadied on Monday after suffering its biggest weekly drop in nearly two months as risk appetite gradually returned to global markets after a week of turmoil.

With hopes of fiscal stimulus from Germany growing and steps by China over the weekend to cut corporate lending costs pushing up equities, growth-sensitive currencies such as the Australian dollar also edged higher. Market strategists believe his comments will be aimed at reassuring nervous markets that the Fed will remain in an easing stance and set the stage for more rate cuts after a quarter percentage point rate cut in July.

Money markets are pricing in a cumulative 67 basis points of rate cuts from the Fed by the end of the year., the euro was broadly flat at $1.1094 in early London trading after falling 1% last week, its biggest weekly drop since early July.

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