The dollar wobbled on Monday, unable to sustain early gains against its European rivals despite mounting concerns that Greece will default on its sovereign debt.
Reports surfaces suggesting that talks between Greece and its creditors are on hold until Thursday.
Germany's industrial orders marked robust recovery in December that exceeded forecast, reflecting a rebound in foreign demand.
Factory orders grew 1.7 percent month-on-month, after falling a revised 4.9 percent in November, the Federal Ministry of Economy and Technology said Monday. The growth rate exceeded the 1 percent growth forecast.
The dollar rose to $1.3050 versus the euro, but slipped back to $1.3120 by mid-day.
Early gains also evaporated versus the sterling, with the dollar stuck near $1.58 after a choppy session.
The dollar leveled off to Y76.50 versus the yen, after seeing strong gains in the previous session.
In other news moving currencies, the International Monetary Fund said the Chinese economy would experience nearly 4 percentage points reduction in its growth rate projected for this year if the debt crisis in Europe intensifies.
The squeeze on consumer spending in the United Kingdom is likely to ease further in early months of 2012, as the latest car sales figures signaled, and help the economy recover from fourth quarter's contraction and avoid a recession, Howard Archer, chief European and UK economist at IHS Global Insight, said in a note Monday.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.