The greenback kicked off the week with a slump as the market projections revolved around the possibility that Fed may announce slower rate hikes during their meeting next month.

Fed policymakers are gearing towards a silent phase ahead of their next month meeting. Yet the predictions of eased rate hikes have been reinforced by a report released by the Wall Steet Journal stating that the next raise is likely to be moderate at 25 bps.

A wave of dull economic figures hit the previous week, manifesting a retreat in both the retail sales and the industrial production, which implied for a possible recession in the US.

The US dollar index that measures the green back versus its major pairs slipped by 0.3% at 101.515, continuing its drops from the earlier week.

The index scraped almost all its achieved earnings since Fed took a hawkish stance regarding the rate hikes 10 months ago.

EUR/USD edged up by 0.5% at $1.0913 following a slew of comments from ECB officials affirming a higher rate hike that will trespass 25 bps.