The dollar fell on Monday, following promising performance after optimistic US housing and consumer data last week. Investors are still wary about the fragility of the US economy opting to play it cautious, as an onslaught of economic data that is released this week.

Oil prices were also a factor in the dollar’s slump, as crude oil prices rose after a seven week low.

The Forex market is bracing itself for what could be an unpredictable week, as an influx of key economic releases and US Independence Day holiday is expected to add to the volatility of the market. US dollar traders will be eagerly awaiting the release of ISM Manufacturing and NON-Farm payroll data, while euro investors will see the Euro-zone inflation and German labour data. It is also expected that the European Central Bank will raise rates for the first time since last June.