The dollar held onto most of its big rebound from late last week Monday morning in New York, with traders on pins and needles waiting for signals about the direction equities will take.

A rally inspired by risk aversion helped the dollar surge ahead on Friday, paring some of the massive losses that took the dollar to 2009 lows versus all major counterparts but the yen.

Trading could be choppy today, as there are no important economic reports due out from the US.

The U.S. Labor Department is also scheduled to release its preliminary report on second quarter non-farm productivity and unit labor costs at 8:30 AM on Tuesday. The consensus estimates call for a 5.4% increase in non-farm productivity, but a 2.4% decline in unit labor costs.

The dollar held its ground versus the euro this morning, staying near 1.4200. Less than a a week ago, the dollar was sitting at an 8-month low of 1.4446.

Results of the latest Sentix survey revealed that the headline indicator for Eurozone rose to minus 17 for August, which was the highest reading since August 2008. Economists were expecting the index to rise to just minus 25.8 from minus 31.3 in July.

The dollar also remained steady versus the sterling, holding near 1.6600 in early dealing. Last week the dollar dropped to a 10-month low of 1.7042, but has since jumped more than 4 cents.

Monday, the Center for Economics and Business Research said house prices in the UK are set to rise 2% between the fourth quarter of 2009 and the end of 2010, after easing 3% for the rest of 2009. By the end of this year, total decline in house prices would reach 24% from the peak in the third quarter of 2007.

The dollar surged to a 2-month high of 97.77 versus the yen on Friday, and stayed near that mark Monday morning.

Japan's unadjusted current account balance came in at 1.153 trillion yen in June, the Finance Ministry said on Monday, jumping 144.4 percent on year for the first increase in 16 months.

The Bank of Japan began a two-day policy meeting today.

Versus the loonie, the dollar was hovering near C$1.0800 Monday morning.