The U.S. dollar fell against its major counterparts in the European session on Monday, as investors focused on the likelihood of the Fed's interest rate cut amid uncertain global economic outlook.

Following the Fed's dovish tilt last week, market participants are pricing in a rate cut sooner rather than later.

Fed Chairman Jerome Powell is scheduled to speak at the Council on Foreign Relations in New York on Tuesday, when he will outline about the economic outlook and monetary policy.

The G20 event, which begins on Friday in Osaka, will feature meeting between Trump and Xi to discuss trade-related issues.

Although it's unlikely to strike a trade deal at the summit, investors keenly await whether there will be an agreement to resume trade negotiations.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the franc and the yen, it dropped against the euro and the pound.

The greenback declined to 0.9744 against the franc, its weakest since January 10. The greenback is poised to challenge support around the 0.95 mark.

The greenback edged down to 107.25 against the yen, from a high of 107.48 hit at 1:45 am ET. The greenback is likely to find support around the 105.00 area.

Final data from the Cabinet Office showed that Japan's leading index improved in April.

The leading index, which measures the future economic activity rose to 95.9 in April from 95.7 in March. The flash estimate was 95.5.

The U.S. currency that closed last week's trading at 1.1369 against the euro depreciated to more than a 3-month low of 1.1399. The next possible support for the greenback is seen around the 1.16 area.

Survey data from the Munich-based Ifo Institute showed that Germany's business sentiment weakened in June.

The Ifo business confidence index dropped to 97.4 in June from 97.9 in May. The score was forecast to fall to 97.5.

The greenback was trading lower at 1.2752 against the pound, not far from near a 5-week low of 1.2766 touched at 2:15 am ET. Next key support for the greenback is likely seen around the 1.30 level.

Reversing from a high of 1.3216 hit at 6:00 pm ET, the geenback ticked down to 1.3178 against the loonie. If the greenback continues its fall, 1.30 is possibly seen as its next support level.

On the flip side, the greenback held steady against the aussie, after having rebounded from near a 2-week low of 0.6961 reached at 10:45 pm ET. The pair was valued at 0.6924 when it ended deals on Friday.

Following a fall to a 2-week low of 0.6615 against the kiwi at 2:30 am ET, the greenback held steady in subsequent deals. At last week's close, the pair was worth 0.6585.

Figures from Reserve Bank of New Zealand showed that New Zealand's credit card spending growth slowed in May after rising in the previous month.

Credit card spending growth eased to 0.4 percent month-on-month in May from 0.6 percent in April.

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