U.S. Dollar Showing Weakness Against Most Majors

(RTTNews) - The U.S. dollar was subdued in the European session on Monday, as investors awaited economic data due this week for more clues about the Federal Reserve's rate hike path.

The Commerce Department will publish first quarter GDP data on Thursday. Economists expect GDP to rise by 2.0 percent in the first quarter, down from 2.6 percent in the fourth quarter.

The Fed is widely expected to raise rates by another 25 basis points at next week's meeting, but the focus will be on future rate moves.

The yield on the 10-year U.S. treasury note dropped to 3.539 percent. Yields move inversely to bond prices.

The dollar index that tracks the greenback against a basket of other currencies fell to 101.69.

The greenback weakened to 0.8883 against the franc and 1.1020 against the euro, setting 10-day lows. The greenback may face support around 0.87 against the franc and 1.12 against the euro.

The greenback was lower against the pound, at a 4-day low of 1.2459. If the greenback slides again, it may find support around the 1.26 area.

The greenback was trading at 0.6695 against the aussie, down from an early near 2-week high of 0.6665. Next key support for the currency is likely seen around the 0.68 level.

The greenback edged down to 1.3522 against the loonie and 0.6154 against the kiwi, off its early near 4-week high of 1.3567 and a 1-1/2-month high of 0.6125, respectively. The currency is seen finding support around 1.33 against the loonie and 0.63 against the kiwi.

In contrast, the greenback climbed against the yen, hitting a 4-day high of 134.73. The greenback is likely to face resistance near the 137.00 level.