By Lisa Twaronite, MarketWatch
LONDON (MarketWatch) -- The dollar slipped against major rivals Monday, pressured by stepped-up rhetoric from China, better-than-expected Japanese growth data and rising gold futures.
Gold futures looked set to extend their gains from last week, as further weakness in the U.S. dollar helped fuel safe-haven buying. Read Metals Stocks for more on gold.
Gold is traded in dollars, so a weaker dollar makes it cheaper for investors holding other currencies. Therefore, a move in one often fuels an inverse move in the other.
The dollar was also under pressure a day after China's chief banking regulator criticized loose U.S. monetary policy as leading to increased speculation. Read more on China official warning or risks of U.S. policy.
The yen, meanwhile, got a lift from better-than-expected Japanese gross domestic product data. GDP rose 1.2% in the quarter from the April-June period, or 4.8% on an annualized basis. Economists polled by Dow Jones Newswires had expected a 0.6% on-quarter increase and an annualized increase of 2.2% in the latest period. See full story on Japan GDP.
The dollar bought 89.49 yen, down from 89.72 yen in late North American trading Friday.
The euro bought $1.4975, up from $1.4903 late Friday.
The dollar index (DXY 75.01, -0.13, -0.18%) fell 0.4% to 75.11.
Still to come is data on retail sales for October and a speech from Federal Reserve Chairman Ben Bernanke.
