The euro extended a drop from Friday, the biggest in three weeks, as traders anticipated European Central Bank officials will continue to flag a readiness to ease monetary policy amid the risk of slower growth and inflation.

Europe’s common currency slid on Friday as Benoit Coeure, an ECB Executive Board member, emphasized that U.S. and Europe’s policy trajectories will “remain very different,” even after the Federal Reserve refrained for increasing interest rates last week. His peers Ewald Nowotny and Peter Praet are scheduled to speak on Monday. Euro declines may be limited after Alexis Tsipras was returned to power in Greece following an emphatic election victory, keeping the nation’s reform agenda on track before an international review due by year’s end.

The common currency was at $1.1296 as of 8:11 a.m. in Singapore after dropping 1.2 percent to $1.1298 on Friday. It was little changed at 135.52 yen. The dollar fetched 119.96 yen from 119.98. Japanese markets are closed for holidays on Monday through Wednesday.

While the Fed on Thursday held off, Chair Janet Yellen said most officials still expect to tighten borrowing costs this year for the first time in almost a decade. Futures indicate a 46 percent chance of an increase in December, a 53 percent probability of a January move and 67 percent odds the Fed will raise its benchmark in March.

Analysts say the delay could add to pressure on the ECB to expand its quantitative-easing program to counter a stronger euro and weaker global demand.

The euro has climbed 3.4 percent in the past three months, according to Bloomberg Correlation-Weighted Indexes. The dollar has climbed 4.1 percent and the yen is up 6.7 percent over that period.

Hedge funds and other money managers boosted net bearish bets on the euro for the third week in the period ended Sept. 15 to 84,202 contracts from 81,241, according to data from the Commodity Futures Trading Commission.

Source: BloombergEuro Extends Decline as ECB Officials Stress Divergence From Fed