Finance ministers from the world’s largest developed economies meet in Germany this week against a backdrop of faltering global growth, scant inflationary pressures and a bond market in turmoil.
The US dollar held near 1-month highs against a basket of major currencies early on Tuesday, despite a trading session made sluggish by public holidays in the US and UK. Figures due on Friday from the United States will almost certainly show that the world's biggest economy contracted last quarter.
The ECB's stance, along with ongoing worries about Greece, should keep the euro pressured against the greenback, traders said. The common currency last stood at $1.0979, having in the last few days retreated from a high of $1.1468. The Greek government, still trying to reach an agreement with its lenders to unlock fresh loans, said it needed aid urgently in order to make good on its debt obligations.
Crude oil futures rose on Monday as firm global demand offset a strong dollar, although a holiday kept trading muted. Brent crude gained 53 cents, to $65.90 a barrel, by 17:50 GMT. Gold was stuck in a tight trading range above $1,200 an ounce on Tuesday.