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The U.S. dollar weakened against the euro and Swiss franc on Monday as softer economic data prompted traders to scale back expectations for another Federal Reserve interest rate hike.
Concerns over U.S. economic growth intensified after July retail sales posted their first decline in nine months. The weak reading followed disappointing employment data and relatively mild inflation figures, increasing expectations that the Fed could adopt a less aggressive monetary policy stance.
The euro climbed to a two-month high, rising around 0.08% to $1.1578. Meanwhile, the dollar fell 0.34% against the Swiss franc to approximately 0.81085.
Kit Juckes, chief FX strategist at Societe Generale, said weaker payroll and retail sales figures were forcing markets to reconsider how much further the Federal Reserve may tighten monetary policy. The shift has contributed to selling pressure on the U.S. dollar.
According to the CME FedWatch tool, traders now see a 30.6% probability of a Fed rate hike at the September meeting, down sharply from 52.2% a week earlier. Investors are also turning their attention to the upcoming Jackson Hole symposium for clues about how policymakers view recent U.S. economic weakness and the future path of interest rates.
The Japanese yen, meanwhile, gave up earlier gains and slipped about 0.11% to 159.49 per dollar despite weaker-than-expected Japanese economic growth. Currency traders are closely watching whether the Bank of Japan will raise interest rates following recent U.S.-Japan efforts to curb excessive yen weakness.
The U.S. Dollar Index recovered after touching its lowest level since early June and was roughly unchanged at 99.60.
Elsewhere, disappointing Chinese industrial output and retail sales data weighed on market sentiment. The dollar edged 0.03% lower against the offshore Chinese yuan to 6.742.
The Australian dollar was among the stronger major currencies, gaining 0.34% against the greenback to $0.7105 as broad U.S. dollar weakness supported risk-sensitive currencies.
