The U.S. dollar declined against its most major opponents in European trading on Monday, weighed by lowering expectations for another Fed rate hike this year following weak inflation data released last week.

The consumer price index was unchanged in June, contradicting expectations for an uptick of 0.1 percent, according to a report by the Labor Department.

The CPI data coupled with weak retail sales and consumer sentiment figures dimmed prospects for a Fed rate hike later this year.

Odds for a December rate hike this year have eased to 45 percent after the release of data, from 52 percent before the data, CME Group's FedWatch tool showed.

Data from the Federal Reserve Bank of New York showed that activity in the New York manufacturing sector grew at a notably slower pace in the month of July.

The New York Fed said its general business conditions index dropped to 9.8 in July from '19.8 in June, although a positive reading still indicates growth. Economists had expected the index to fall to 15.0

Investors await reports on import and export prices, homebuilder confidence, housing starts, and Philadelphia-area manufacturing activity due this week for more clues about the pace of economic growth.

The greenback showed mixed performance in the Asian session. While the currency rose against the franc and the yen, it fell against the euro and the pound.

The greenback fell to a 10-day low of 0.9595 against the franc, from a high of 0.9659 hit at 3:15 am ET. If the greenback-franc pair extends slide, 0.94 is likely seen as its next support level.

Reversing from an early high of 112.77 against the yen, the greenback edged down to 112.35. Continuation of the greenback's downtrend may see it challenging support around the 111.00 area.

The greenback fell back to 1.1471 against the euro, heading to pierce its early 5-day low of 1.1475. On the downside, 1.16 is likely seen as the next support level for the greenback.

Final data from Eurostat showed that Eurozone inflation slowed to a 6-month low in June as estimated.

Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30.

Extending early fall, the greenback slipped to more than a 14-month low of 1.2635 against the loonie and more than a 2-year low of 0.7838 against the aussie. Continuation of the greenback's downtrend may see it challenging support around 1.25 against the loonie and 0.80 against the aussie.

The greenback retreated to 0.7345 against the kiwi, from an early high of 0.7317. The next possible support for the greenback is seen around the 0.75 region.

On the flip side, the greenback was trading in a positive territory against the pound with the pair trading at 1.3069. This may be compared to a low of 1.3113 hit at 7:00 pm ET. The greenback is likely to find 1.30 as the next resistance level.

Survey from the Confederation of British Industry showed that British firms said 'Brexit' has affected their investment decisions.

Over 40 percent of respondents said 'Brexit' influenced their decision and 98 percent of them said that the impact has been negative.

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