(RTTNews) - The dollar was stuck in neutral versus most majors Monday morning in New York, coming under pressure against the resurgent yen amid talk of a double-dip recession for the US.
With no first-tier economic reports on tap from the US today, traders will focus on activity in stocks markets. Stocks are indicated to open higher on Wall Street as merger activity has picked up significantly over the past week.
Officials from the Federal Reserve will garner attention this week, beginning with Kansas City Fed President Thomas Hoenig's appearance on a panel hosted by the House Financial Services Oversight subcommittee.
Hoenig has called for the Fed to raise rates sooner than later, noting that near zero rates are having a negative impact on the economy.
Chairman Ben Bernanke speaks later this week on the economy at the Fed's annual retreat to Jackson Hole, Wyoming.
Looking at Monday's currency charts, the dollar fell sharply at around 7 am ET versus the yen, slipping to 85.10. With the loss, the dollar stayed within a hair of a 15-year low of 84.71, set earlier this month.
The buck was little changed versus the euro at $1.2700, consolidating its strong gains from last week.
The eurozone's private sector growth decelerated slightly in August as both manufacturing and services activity slowed, figures showed on Monday. Worryingly, growth in the euro area's private sector continued to be dependent upon the region's two biggest economies, France and Germany.
Meanwhile, German manufacturing growth slowed to a six-month low in August.
Against the sterling, the buck was steady at $1.5550, up slightly from its overnight levels.
