Investing.com - The Japanese yen weakened in early trade on Monday after third quarter gross domestic product fell 1.6% year-on-year, well below a forecast of a 2.1% gain.
USD/JPY traded at 116.48, up 0.17%, while AUD/USD changed hands at 0.8759, flat.
Earlier, New Zealand reported that retail sales in the third quarter rose 4.0%, higher than the 4.1% forecast year-on-year.
NZD/USD traded at 0.7944, up 0.49%, after the data.
Last week, the dollar was lower against the euro after data showed that U.S. inflation expectations fell in an otherwise upbeat report on consumer confidence for this month.
The preliminary reading of the University of Michigan’s consumer sentiment index rose to a seven year high of 89.4, better than forecasts of 87.5 and up from October’s reading of 86.9.
However the report also showed that consumers expected annual inflation of 2.6% this year, down from expectations for inflation of 2.9% in October.
The US dollar index, which tracks the performance of the greenback against a basket of six major currencies, was down 0.10% to 87.53..
In the week ahead, investors will be focusing on Wednesday’s minutes of the Federal Reserve’s October meeting and Thursday’s report on the U.S. consumer price index. A report on U.K. inflation and euro zone data on private sector activity will also be closely watched.
In the euro zone on Monday, Germany’s Bundesbank is to publish its monthly report. Meanwhile, ECB President Mario Draghi is to testify on monetary policy in the European Parliament in Brussels.
Canada is to release data on foreign securities purchases.
The U.S. is to release a report on manufacturing activity in the New York region, as well as data on industrial production.