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