2017.11.2713:59:00UTC+00Dollar Little Changed After Paring Early Losses

The dollar got off to a weak start against its major rivals Monday morning, but has since pared its early losses. The buck is turning in a mixed performance this afternoon, but is little changed overall.

Traders are awaiting congressional testimony from both Federal Reserve Chair nominee Jerome Powell and current Fed Chair Janet Yellen this week.

The Senate Banking Committee is due to hold a confirmation hearing for Powell on Tuesday, while Yellen is scheduled to testify on the economic outlook before the Congressional Joint Economic Committee on Wednesday.

For the second consecutive month, the Commerce Department has released a report showing an unexpected jump in new home sales in the U.S. The report released by the Commerce Department on Monday showed new home sales surged up by 6.2 percent to an annual rate of 685,000 in October from the revised September rate of 645,000.

The notable increase surprised economists, who had expected new home sales to drop to a rate of 625,000 from the 667,000 originally reported for the previous month.

The dollar fell to over a 2-month low of $1.1961 against the Euro Monday morning, but has since bounced back to around $1.19.

Italy's economic confidence weakened in November, survey data from the statistical office Istat showed Monday. The economic sentiment index fell to 108.8 in November from 109.1 in the previous month.

The buck fell to nearly a 2-month low of $1.3382 against the pound sterling this morning, but has since rebounded to around $1.3325.

The greenback tumbled to a 2-month low of Y110.838 against the Japanese Yen, but has since recovered to around Y111.080.

Producer prices in Japan were up 0.8 percent on year in October, the Bank of Japan said on Monday. That was shy of expectations for an increase of 0.9 percent, which would have been unchanged from the September reading.