Investing.com - The dollar backed off session lows against the yen on Monday, while the euro slipped lower, shrugging off data showing that German business confidence rose more than expected this month.
USD/JPY edged up 0.04% to 102.53 after falling to lows of 102.17 earlier.
Safe haven demand continued to be underpinned after data on Monday showed that Chinese home prices fell for the first time in 14 months in January. The data added to fears that the world’s second largest economy is slowing as the government tries to tackle bad loans and weak lenders.
EUR/USD slid 0.15% to 1.3718, down from session highs of 1.3773.
The euro touched session highs earlier after the Ifo German business climate index came in at 111.3 in February, the highest level since mid-2011, up from 110.6 in January. Analysts had expected an unchanged reading.
German firms are benefitting from high export demand the report said, but ongoing concerns over volatility in emerging markets continued to cloud the outlook.
A separate report showed that the annual rate of euro zone inflation came in at 0.8% in January, unchanged from the previous month and slightly higher than the preliminary estimate for 0.7%. It was still well below the European Central Bank’s target of 2% inflation.
Consumer prices fell 1.1% from a month earlier, in line with forecasts.
Elsewhere, GBP/USD was up 0.15% to 1.6638, while USD/CHF climbed 0.15% to 0.8894.
The Australian dollar edged higher, with AUD/USD rising 0.14% to trade at 0.8990, while NZD/USD was up 0.16% to 0.8293.
The U.S. dollar slipped lower against the Canadian dollar, with USD/CAD down 0.13% to 1.1095.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.04% to 80.32.
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