The greenback fell against majority of its peers on Monday as investors remained cautious ahead of incoming U.S. inflation and retail sales data.
Versus the Japanese yen, dollar met renewed selling at 109.77 in New Zealand and fell to 109.48 in Asia before rebounding to 109.61 at European open but only to tumble to session lows of 109.25 ahead of New York open due to usd's broad-based weakness. The pair then recovered to 109.45 in New York afternoon and then moved sideways.
Although the single currency fell form 1.1904 in New Zealand to session lows of 1.1872 in European morning on cross-selling in euro, price erased intra-day losses and rallied to 1.1919 due to renewed usd's weakness and the moved broadly sideways in subdued New York session.
The British pound met renewed selling at 1.3720 in New Zealand and re-tested last Friday's 2-month low at 1.3670 ahead of European open. However, cable then erased intra-day losses and rallied to session highs of 1.3776 at New York open on cross-buying in sterling together with usd's weakness before retreating to 1.3732 on profit-taking.
Data to be released on Tuesday :
New Zealand NZIER confidence, retail sales, Australia NAB business conditions, NAB business confidence, U.K. BRC retail sales, GDP, Industrial output, manufacturing output, construction output, trade balance, Italy industrial output, Germany wholesale price index, ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectation, U.S. core CPI, CPI, redbook.
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