Investing.com - The dollar held steady against the other major currencies on Tuesday, as oil prices retreated after rallying sharply on Monday and as investors eyed the release of U.S. economic reports later in the day.
USD/JPY declined 0.88% to 111.92.
Oil prices began to decline once more on Tuesday as concerns over rising Iranian production following the end of international sanctions resurfaced.
Separately, OPEC Secretary General Abdalla Salem El-Badri said on Monday that oil producers are still "feeling the water" over a possible deal to freeze production.
Investors were eyeing the release of consumer confidence and home sales data due later in the day, for further indications on the strength of the economy after strong U.S. inflation data on Friday added to expectations for additional rate hikes by the Federal Reserve this year.
EUR/USD slipped 0.15% to 1.1015.
Earlier Tuesday, data showed that the German Ifo Business Climate Index fell to a a 14-month low of 105.7 in February from a reading of 107.3 in January, below forecasts for 106.7.
Elsewhere, the dollar was higher against the pound and the Swiss franc, with GBP/USD down 0.25% at 1.4114, not far from Monday’s three-year low of 1.4057, and was lower against the Swiss franc, with USD/CHF retreating 0.58% to 0.9938.
Sterling remained under pressure amid ongoing discussions over a posssible British exit from the European Union, with a referendum now set to be held in June.
The bosses of a third of Britain's biggest companies warned on Tuesday that an exit from the EU would put the economy at risk and threaten jobs.
Meanwhile, the Australian dollar was stronger, with AUD/USD up 0.25% at 0.7245, while NZD/USD held steady at 0.6696.
USD/CAD rose 0.23% to trade at 1.3740.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 97.34, still close to the previous session’s two-and-a-half week high of 97.61.