This beginning of the week is not at all favorable to the greenback. While the euro soars after Lagarde announced rate hikes, the dollar continues to fall.

The euro recovered on Monday after the president of the European Central Bank said policymakers would likely take interest rates out of negative territory by September, while the dollar extended its recent cut. The euro was the big winner, adding up to 1.1% to $1.0687. It has now risen 3.3% since it hit a multi-year low of $1.0349 on May 13.

The euro rally came as the dollar fell sharply, with a sale that began to accelerate last week. For its part, the Russian ruble has strengthened, approaching the multi-year highs reached against the dollar and the euro last week, supported by capital controls and an upcoming month-end fiscal period.

It had gained 2.3% to trade at 61.38 against the euro, and strengthened by about 30% against the dollar this year despite a major economic crisis in Russia.