In a calm market, the euro rose a little against the dollar on Monday. Part of the European exchanges remain closed for Pentecost.

A whole part of Europe is on holiday due to Pentecost, so activity is limited. Around 09:20 GMT (11:20 a.m. in Paris), the euro gained 0.14% against the dollar, to 1.2199 dollars for one euro. Market participants are already looking to Thursday, when the US GDP estimate will be released.

According to Jeffrey Halley, analyst at Oanda, this could breathe new life into those worried about inflation. If inflation alone should make the dollar less attractive, it could push the American Federal Reserve (Fed) to raise its key rates, which would on the contrary make the greenback more attractive.