The US dollar  rose vs. most major currencies as investors fled to safe-haven currencies as poor economic data increased fears of a prolonged economic downturn. Orders for durable goods fell 2.5% in June, worse than forecasts of a 0.6% decline. Also hurting risk appetite was mortgage applications which were down 6.3% on the week.

The euro  weakened against the dollar as renewed concerns about the economy increased risk aversion. Data from Germany , Europe 's largest economy, showed that consumer prices fell for the first time in more than 22 years. Prices in Germany fell 0.1% in July from the previous month and fell 0.6% over the previous year.

The British pound  was lower against the dollar amid increased risk aversion. There was positive data as UK mortgage approvals rose to 47,584 loans in June, compared to 44,169 in the previous month. The number of home loans approved is a 14-month high and beat forecasts of an increase to 47,000, showing signs that the housing market may be improving. Not all signs pointed to recovery as consumer credit fell to 100-million in June, from a revised 200-million in the previous month. Consumer credit for the month was much lower than forecasts of 300-million.

The Japanese yen  fell against the dollar even as investors increased risk aversion, due to a fall in Japanese retail sales. Data showed that retail sales slid 3% in June from a year earlier, worse than forecasts of a 2.5% decline. Sales at large retailers were down 6.7% from the previous year.

The Canadian dollar  continued to fall against the dollar after reaching a 10-month high as crude oil prices fell more than $2 a barrel.

The Australian  and New Zealand  dollars  both weakened against the dollar as commodities fell on fear of a decline in the global economic recovery. The Aussie is a commodity-linked currency and any troubles to the economic recovery would hurt higher-yielding assets. Today, investors await interest rates announcement by the Reserve Bank of New Zealand .

Indicative rates:

EUR/USD 1.4031

USD/JPY 94.94

GBP/USD 1.6372

USD/CAD 1.0919

USD/MXN 13.2850

USD/CHF 1.0881

AUD/USD 0.8149

NZD/USD 0.6529

USD/DKK 5.3044

USD/SEK 7.5082

USD/NOK 6.2569

USD/TWD 32.830

USD/CNY 6.8314

10-Year Treasury Note Yield : 3.6288%

Dow Jones Industrial Average : 9034.14 -62.58