Euro rises on bets for ECB tightening

The euro held its gains on Monday as traders bet that the European Central Bank would start to wind down its crisis-era stimulus programme, while lower expectations for further tightening in the United States weighed on the dollar.

While ECB boss Mario Draghi made no mention of the bank's plans for its bond-buying scheme in a much-anticipated speech Friday, analysts said his optimism about the eurozone economy was enough to fuel euro buying.

“Mr. Draghi provided investors an opportunity to keep adding to long positions," said market strategist Hussein Sayed FXTM online foreign exchange brokerage.