The euro climbed against its most major rivals in the European session on Monday, as German bond yields rose after the European Central Bank's policymakers signalled sharper rate hikes in the months ahead to bring inflation down.

In an interview with Bloomberg News, Latvian central bank governor Martins Kazaks said that big rate hikes may not be over yet and a significant move is required at the September meeting.

The ECB would raise interest rates for as long as it takes to bring inflation back to its target, President Christine Lagarde said in an interview with Germany's Funke Mediengruppe published on Friday.

German bond yields advanced, with the yield on the 10-year German bund reaching 1.04 percent.

Survey results from Ifo Institute showed that Germany's business confidence deteriorated more than expected in July.

The business confidence index came in at 88.6 in July. The reading was forecast to fall to 90.2 from 92.2 in June.

The euro appreciated to a 4-day high of 1.0258 against the greenback, from a low of 1.0179 seen at 4 am ET. If the euro rises further, it may find resistance around the 1.05 level.

The euro rebounded to 0.9875 against the franc and 139.90 against the yen, from an early low of 0.9817 and near a 2-week low of 138.72, respectively. The euro is seen finding resistance around 1.05 against the franc and 144.00 against the yen.

In contrast, the euro was down at 0.8479 against the pound, its lowest level since July 19. The euro may locate support around the 0.82 level.

The euro fell to 1.6299 against the kiwi, 1.4699 against the aussie and 1.3152 against the loonie, reversing from its prior 4-day highs of 1.6395, 1.4804 and 1.3218, respectively. The currency is poised to challenge support around 1.60 against the kiwi, 1.45 against the aussie and 1.29 against the loonie.

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