The euro headed for its first back-to-back monthly advance since 2013 against the dollar as demand for the currency as a haven outweighed the potential for further European Central Bank stimulus.

The shared currency was poised for a fourth day of gains Thursday, which would be the longest stretch since September, amid speculation Federal Reserve tightening will proceed at a slower pace after policy makers acknowledged global risks in their decision to leave interest rates unchanged Wednesday. The euro has benefited along with the yen as convulsions in global stock markets fueled by concern about China’s growth drove investors to haven assets. ECB President Mario Draghi this week stressed his determination to stoke inflation.

The euro rose 0.1 percent to $1.0905 as of 9:07 a.m. in Tokyo from Wednesday, on track for a 0.4 percent advance in January, following a 2.8 percent jump in December. The dollar declined 0.2 percent to 118.45 yen, set for a 1.5 percent monthly slide.

Source: Bloomberg