The dollar slid against the majors in Monday trading as speculation on the content of forthcoming US economic reports reached the markets.

US government data on consumer spending growth is due to be released later today and analysts expect it will show that growth has slowed.

The dollar fell to 1.3704 against the euro in early London trading on Monday, continuing its slide against the European currency.

Trading against the yen was choppy, closing at 118.84 yen from an opening position of 119.05.

And the pound continued a strong performance against the US currency, staying around 2.0287.

If US data shows that consumer spending has slowed, it may prompt the Federal Reserve to cut interest rates.

A Federal Reserve survey of traders found that 92 per cent expect to see the US base rate drop to five per cent over the coming months.