The euro rises to its highest level in a week

The euro rose to a one-week high on Thursday as market expectations crystallized that the European Central Bank would implement its first interest rate hike as soon as July.

European Central Bank President Joachim Nagel joined other policymakers this week in saying the bank may raise interest rates at the start of the third quarter.

The euro rose 0.4 percent against the dollar to $1.0895, its highest level since April 14. The Euro also rose broadly against the Japanese Yen, Swiss Franc and Norwegian Krone.

Markets are now accommodating that the European Central Bank will raise rates by 20 basis points in July and in total by about 70 basis points by the end of the year, for the first time from zero since 2013.

The dollar index fell 0.4 percent to 99.97.