The European unit resumes its rally above 1.14 levels after brief pause over the weekend amid a surge in the dollar overseas. The dollar jumped on Friday as investors braced for Januarys U.S. Federal Reserve meeting and raised bets it will chart a year ahead containing several rate hikes. However, dollar turned weak after news of a Chinese interest rate cut supported risk assets. The dollar index, that tracks the greenback against a basket of currencies was seen quoting at 95.07. Meanwhile, EUR/USD pair is seen bouncing higher at 1.431.
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