Traders are awaiting US inflation figures which could point the direction for future interest rate rises.

At the start of the day, the dollar stood down at fraction at €0.78485, 116.25500 yen and £0.52875.

This week sees the US labour department issuing its figures on producer price trends and the federal reserve will publish data on consumer prices.

Above expected rises in both - especially the latter - could encourage the federal reserve to increase interest rates after holding off doing so this month.

However, pulling the interest rates in the other direction in the US - and the dollar downwards - are new figures for the property market.

Construction figures for the new homes and builder confidence are expected show a slowdown in the industry - increasing calls from the sector for the federal reserves campaign of interest rate rises to the stop.

In the UK, the Bank of England will also release figures on inflation today - with any great increases expected to prompt a second interest rate rise this year.