The euro rose against the dollar and yen on Monday, as investors await that the Federal Reserve will lower interest rates Tuesday to boost the economy.

The euro was at $1.4714 in late morning trading in New York., up from $1.4655 late Friday, while the dollar was at 111.67 yen, slightly higher than 111.71 yen.

Meanwhile, the European Central Bank also gave a boost to the euro as executive board member Juergen stark said inflation in the eurozone could be higher than expectations.

A positive note for the economy came from the National Association of Realtors. The association said its index of pending home sales were up 0.6 percent after rising 1.4 percent in

European union Inflation