The euro appreciated against its major counterparts in the New York session on Monday, as European Central Bank Governing Council member Bostjan Vasle said that market expectations for imminent interest rate cuts are premature.

Market expectations for both start of rate cuts and totality of moves in 2024 are excessive, Vasle told Reuters.

"The market pricing has lowered the level of restriction and this recent accommodation priced into interest rates is inconsistent with the stance appropriate to return inflation to target," Vasle added.

Although policymakers are increasingly confident inflation will reach the target in 2025, talks of a rate cut are premature, Slovak central bank chief Peter Kazimir said.

"We are increasingly confident that inflation will reach our target in 2025 and that we can accomplish this in a soft-landing scenario. The progress, however, is still subject to risks," Kazimir noted.

The euro touched 0.8637 against the pound, its highest level since November 30.

The euro was trading at 1.0920 against the greenback and 156.18 against the yen, up from its early lows of 1.0891 and 154.74, respectively.

The euro recovered modestly against the franc, with the pair trading at 0.9475.

The euro rebounded to 1.4624 against the loonie, 1.6280 against the aussie and 1.7570 against the kiwi, from an early low of 1.4565 and 4-day lows of 1.6214 and 1.7472, respectively.

The currency may find resistance around 0.88 against the pound, 1.12 against the greenback, 159.00 against the yen, 0.97 against the franc, 1.49 against the loonie, 1.65 against the aussie and 1.78 against the kiwi.

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