LONDON, July 5: The euro drifted higher on Tuesday after hitting a new 13-month low against the dollar as the European Central Bank (ECB) appeared to steer the market away from expecting a cut in borrowing costs.

The euro rose to $1.1918 in early European trading, from $1.1899 late on Monday.

The dollar stood at 111.66 yen from 111.60 on Monday.

“It is interesting to see that the ECB is making a stab at countering rate-cut expectations without wanting to be perceived as not being pro-growth,” said Divyanh Shah at IDEAglobal.com.—AFP