The dollar was on the front foot at the start of a week in which U.S. and Chinese data and European energy security were top of mind, as investor concerns about global economic growth offered support to the safe haven currency.
The euro languished at $1.01475, having lost 2.3% last week and briefly falling to its lowest since late 2002.
"This week's U.S. CPI will be an important piece of the puzzle as the Fed decides between 50 basis points and 75 basis points ahead of the July meeting." With inflation rampant across much of the world, rate hikes are also expected this week from the Reserve Bank of New Zealand on Tuesday and the Bank of Canada on Thursday.
In the latest worry for the European economy, the biggest single pipeline carrying Russian gas to Germany starts annual maintenance on Monday. Flows are expected to stop for 10 days, but governments, markets and companies fear the shut-down might be extended due to war in Ukraine.The other main economic event this week is Chinese second quarter GDP on Friday, with investors watching for signs of how hard the economy was hit by COVID-19 lockdowns in many cities during the quarter.
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