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SINGAPORE/LONDON, May 27 - The dollar held steady on Monday, but was set for its first monthly loss this year, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.
The euro offered little reaction to a survey on Monday that showed German business confidence worsened in May, against forecasts for an improvement.German inflation data on Wednesday and euro zone readings on Friday will be watched for confirmation of a European rate cut that traders have pencilled in for next week.
The dollar index , which measures the performance of the U.S. currency against six others, was last down modestly at 104.72. It is on track for a drop of 1.5% in May, the most in one month since December. The yen may seal its first monthly gain of the year this month thanks to suspected intervention from Japanese authorities towards the end of April and at the start of May, but it has been slipping back since then.
The U.S. move to shorten equity-market settlement from two days to one is another factor to watch in currency trade this week as dealers expect it may drive trade into the quiet early mornings in Asia.
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