EUR/USD reached a three-week high

On Monday the single currency rose, reaching its highest level in three weeks. Forex traders continue to monitor whether the Fed will wait until 2016 before raising short-term interest rates.The pair was trading in a wide range between 1.1355 and 1.1396, before settling at a level of 1.1358.

On Monday morning the Atlanta Fed President Dennis Lockhart noted that FOMC will have more economic data to consider before rising the interest rates.

Naturally, we will have more information inpreparation for the December FOMC meeting. By early December, we will have theOctober and November employment numbers, along with revisions for prior months.We will also have the September and October PCE inflation data and both thefirst and second estimates of third-quarter GDP, said Lockhart in his speach.

According to Chicago Fed President Charles Evans the weak inflation data should be taken into consideration before rising the interest rates. In his speach on Monday, he said: 

Accordingly, when thinking about the initial stages of normalization, I find ituseful to focus on where I think the federal funds rate ought to be at the endof next year given my economic outlook and assessment of the risks. And rightnow, regardless of the exact date for lift-off, I think it could well beappropriate for the funds rate to still be under 1 percent at the end of 2016.

The dollar fell against the yen and USD/JPY fell about 0.20 percent to 120.03.

The dollar also fell against the pound, as the pair GBP/USD closed at 1.5346, while USD/CHF remained unchanged at 0.9606.

The Australian and New Zealand dollar were stronger in the first day of the week. AUD/USD is rising by 0.22% to 0.7361 while NZD/USD closed at 0.6716.

Gold futures climbed to a near three-month highs on Monday amid the weaker dollar.

The precious metal was trading in a wide range between 1,153.83 and 1,168.97 dollars per troy ounce, before settling at 1,163.59, up by 0.67% for the session.