The euro depreciated below $1.17 in mid-August, hovering around its weakest level since November 2020, as the Federal Reserve’s last meeting minutes showed the central bank will start tapering its huge stimulus this year. At the same time, the European Central Bank is seen remaining dovish for some time after policymakers pledged last month to keep interest rates at record-low levels for even longer in an effort to bring inflation back to its 2% target. Elsewhere, prospects of slower global growth due to coronavirus outbreaks also hit risk appetite.