The dollar gained marginally from its low point against most major currencies last week during Monday trading, with further signs suggesting central bank sell-offs.

The euro was trading at $1.2853 on the London currency exchange early on Tuesday, while sterling was worth $1.9120 after 18-month lows of $1.9180 at the end of last week.

The dollar fell last week after an announcement that the Chinese Central Bank was planning on diversifying its $1 trillion foreign-exchange fund.


This was reinforced on Monday by a recommendation by the State Information Centre think-tank that it should move its reserves into crude oil, metals and bulk commodities.

"The dollar has already seen [the end of its strong] performance for now," Bendict Germanier of UBS in Zurich told Reuters.

"There has been the shift in focus away from possible upside risks in the US, to strong data in Europe and to comments from central bankers, from PBOC and BOJ."