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Dollar Little Changed After Paring Early Losses

The dollar got off to a weak start against its major rivals Monday morning, but has since pared its early losses. The buck remains little changed overall at the start of the new trading week. The lack of U.S. economic data is keeping a number of investors on the sidelines.

Things will begin to pick up on the economic front tomorrow. Traders can look forward to the release of retail sales, homebuilder confidence and the New York manufacturing index Tuesday morning.

Investors have been keeping a close eye on the political situation in Italy. Italy is now headed towards a coalition government between the "Five Star Movement" and the (formerly "Northern") "League" after two months of paralysis since the March 4 inconclusive general election.

The dollar dropped to a 1-week low of $1.1995 against the Euro Monday morning, but has since bounced back to around $1.1945.

The buck slipped to an early low of $1.3607 against the pound sterling Monday, but has since rebounded to around $1.3565.

The greenback has climbed to around Y109.645 against the Japanese Yen this afternoon, from an early low of Y109.204.

Producer prices in Japan were up 0.1 percent on month in April, the Bank of Japan said on Monday, in line with expectations following the 0.1 percent decline in March.

On a yearly basis, producer prices climbed 2.0 percent, again matching estimates following the 2.1 percent gain in the previous month.

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