The U.S. dollar declined against its major counterparts in the European session on Monday, as investors awaited developments on the US-China trade front after President Donald Trump remarked that he had not made a decision on reductions of tariffs on Chinese goods.

Over the weekend, Trump downplayed reports of an imminent lifting of tariffs as part of the phase-one trade deal.

Trump also said that talks with China had moved more slowly than he would have liked and that China very much wants to make a deal.

His comments dampened hopes of reaching a long-term trade deal between Beijing and Washington.

Inflation data from China brought slowdown fears to the fore. While China's consumer price index grew at its fastest pace in about eight years, a measure of producer prices fell the most in more than three years in October, underscoring the problem of moderating demand.

No economic data is scheduled today.

The currency showed mixed trading against its major counterparts in the Asian session. While it fell against the franc and the yen, it dropped against the euro and the pound.

The greenback fell to a 4-day low of 0.9937 against the franc, from a high of 0.9977 hit at 7:45 pm ET. The next likely support for the greenback is seen around the 0.97 region.

The greenback that closed Friday's trading at 109.21 against the yen declined to a 4-day low of 108.90. If the greenback falls further, it may find support around the 106.00 level.

Data from the Cabinet Office showed that Japan core machinery orders declined unexpectedly in September.

Core machinery orders, a leading indicator of private capital investment, declined 2.9 percent month-on-month, following a 2.4 percent drop in August.

Reversing from a high of 1.1017 seen at 7:45 pm ET, the greenback dropped to 1.1039 against the euro. The greenback is seen finding support around the 1.12 region.

Data from Destatis showed that Germany's wholesale prices declined at the fastest pace in more than three years in October.

Wholesale prices fell 2.3 percent year-on-year in October, following a 1.9 percent drop in September. This was the biggest annual fall since May 2016.

The greenback depreciated to a 6-day low of 1.2898 against the pound from Friday's closing value of 1.2773. The greenback may challenge support around the 1.30 level.

Data from the Office for National Statistics showed that the UK economy recovered in the third quarter driven by services and construction.

Gross domestic product grew 0.3 percent sequentially in the third quarter after contracting 0.2 percent in the second quarter.

The greenback dropped to 0.6370 against the kiwi, after rising as high as 0.6326 at 5:45 pm ET. On the downside, 0.66 is possibly seen as the next support level for the greenback.

Figures from Statistics New Zealand showed that New Zealand retail card spending declined for the first time in five months, driven by hardware and appliances sales.

Retail card spending fell 0.6 percent on month in the October, after a 0.2 percent rise in September.

In contrast, the greenback recovered to 1.3231 against the loonie, from a low of 1.3216 seen at 5:30 pm ET. The currency is likely to locate resistance around the 1.35 level.

After falling to 0.6866 against the aussie at 5:15 am ET, the greenback briefly bounced off to 0.6849. Next immediate resistance for the greenback is seen around the 0.67 level.

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