The dollar plunged amid light trading in the late morning on Monday in New York as traders considered the grim prospects of corporate earnings reports. The move came despite a relatively quiet morning as the majority of overseas markets remain closed after the Easter holiday.

The dollar plummeted against the euro and the pound, setting multi-day lows against the European currencies. The buck also ceded ground against the yen, threatening to dip below the 100 mark. The late morning move accelerated after the dollar tested recent lows against its major counterparts earlier.

The euro took back recent losses against the buck steadily before taking off in the late morning hours, setting multi-day highs. The euro rose to 1.3357, up from its overnight level of 1.3153. The move came after the dollar rallied into the close of the week, but began to slide during weekend trading.

Meanwhile, the buck lost ground versus the sterling, as the pound posted level of 1.4834, up from midnight's level of 1.4627. With the advance, the pound has posted a multi-day high against the dollar, now looking to test a multi-week high of 1.4944 posted last Monday.

Moving into the early afternoon hours in New York, the buck dipped to 100.12 versus the yen, slightly down from its overnight levels. With the decline, the greenback has fallen to Thursday's level, slowing down after last week's move brought the dollar to its highest level since early November, with the currency posting a level of 101.44.

Later this week, traders will consider a series of key economic reports, starting with Tuesday's Producer Price Index for March from the U.S. Department of Labor and retail sales figures for March from the Commerce Department.

Analysts forecast the Commerce Department's report on the Producer Price Index to remain largely unchanged, while retail sales figures are expected to edge higher, helped by rising gasoline prices and a tick up in auto sales.

Other key reports on tap for the week include the housing starts figures for March, the University of Michigan's consumer sentiment report for April and government data from the manufacturing and industrial sectors.

In addition, traders will focus on earnings figures from some of the largest financial institutions in the U.S., with results from Citigroup (C), JPMorgan Chase (JPM) and Goldman Sachs (GS). Earnings of the banking giants will be closely watched as traders look for any indication of stability in a volatile financial sector.

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