The euro slipped versus the dollar today as the market readied for key German data expected to show the euro zone's economy improving but still lagging that of the United States.
The dollar was firm across the board, helped by an upbeat tone in equity markets after a strong close on Wall Street on Friday.
However its gains were limited ahead of a week of key US data, with the market keen to see whether expectations of recovery have outpaced reality.
"There's going to be a heavy US and European data calendar and investors will get further confirmation of whether the US economy continues to lead the global economy out of its growth slump," said one economist.
He said: "The German Ifo survey today should confirm that while picking up on the month the euroland economy continues to lag behind the US economy."
Earlier this morning the euro was holding a third of a per cent lower on the day at $1.1466, almost a cent off Friday's three-week peak and 4.5 cents below its record peak set in May and June.
The dollar was a third of a per cent up at 119.08 yen and had gained a third of a per cent on the Swiss franc to 1.3474 francs .
US stock futures were pointing to a moderately firmer start today after leading US indices ended around 1.7 per cent higher on Friday.