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The dollar was stable Monday morning in New York following last week's brutal losses, as traders geared up for a busy week on the economic front.
Increased risk aversion has driven the dollar to its lowest level of the year versus a basket of major currencies, but renewed concerns about the sustainability of the economic recovery could give the buck a boost in the coming days.
Monday's economic calendar is fairly light, with President Obama giving a speech on the economy and financial regulation in New York.
However, later in the week, traders will be flooded with a spate of economic data, which could help them gain more clarity on the economy's course.
The Commerce Department's retail sales report for August, the results of the New York Federal Reserve's and Philadelphia Federal Reserve's manufacturing surveys for September and the Federal Reserve's industrial production report for August may be closely watched.
The dollar rose sharply versus the sterling, jumping almost 2 cents to 1.6550 from a monthly low set late last week.
The buck also firmed up versus the euro, holding near 1.4550. Last week, the dollar hit a 2009 low of 1.4634 as stocks continued to improve.
The European Commission kept its economic outlook unchanged from May's spring forecast. Gross domestic product or GDP is expected to fall 4% this year in both the Eurozone and in the EU.
The dollar pared some of its recent losses versus the yen, improving to 90.90 from a February low of 90.18. With the advance, the dollar stayed away from a 13-year low of 87.08 set back in January.
Meanwhile, the buck hit a weekly high of C$1.0900 versus the loonie. Early in August, the dollar hit a yearly low of C$1.0630, but has since managed to stabilize.
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