The U.S dollar dropped against most of its major counterparts as the International Monetary Fund raised its global growth forecast and U.S. initial jobless claims dropped last week, spurring demand for higher-yielding assets. Initial claims for unemployment benefits in the U.S. decreased to 454k in the week ended July 3 from 475k in the previous week, the Labor Department reported.

Against the yen the greenback rose to 88.20 yen, up 0.6% on the day and edging further off a seven-month low of 86.96 yen hit at the start of the month, as yields on U.S. Treasuries rose, making them a bit more attractive to Japanese investors.

Today, a lack of news events will likely lead to a low liquidity situation in the marketplace. Traders are warned that in situations like these, erratic price movements can occur for seemingly no reason. With the USD fairly bearish at the moment, expect price changes to work against the greenback.