The New Zealand Dollar weakened the most in seven weeks after consumer price index rose less than expected and a gauge of dairy prices decline to the lowest level since 2012.
U.K. inflation rose more than expected in June to its fastest pace since January, driven by clothing, food and air fares, reinforcing the view that a rise in interest rates may be getting closer.
Federal Reserve Head Janet Yellen reiterated her pledge to keep interest rates low, but added that in case the labour market continues strengthening there might be earlier-than-planned rate hikes.
The single currency slipped sharply lower following the release of German ZEW investor sentiment. Investors in Europe's number one economy remained sceptical on German economic prospects, with the influential ZEW index falling 2.7 points to 27.1 in July, recording the seventh consecutive drop.
The Bank of Japan stayed pat on its very loose policy stance, but revised slightly its growth forecast for the 2014 financial year and stuck to its outlook that inflation will move towards its 2% goal next year.
The Australian Dollar traded slightly below 94 U.S. cents after the Reserve Bank of Australia announced its monetary policy decision.
Growth of retail sales in the U.K. slowed in June to one of the weakest pace in three years amid fears of higher interest rates.
Federal Reserve Head Janet Yellen will testify before the Congress Tuesday and Wednesday about America's economic performance and future central bank's policy.
Industrial production in the Euro zone fell sharply in May, underscoring the fragile state of the region's recovery.
While New Zealand business morale declined from the highest level in 20 years in the second quarter, according to the Quarterly Survey of Business Opinion, majority of economists focussed on a fact that the survey showed inflation is accelerating.
Statistics Canada said the Canadian economy unexpectedly lost 9,400 jobs in June and unemployment rate rose to the highest level since December 2013, as an increase of hiring in the construction sector was offset by the biggest drop in part-time jobs in nearly two years.
U.K.'s construction sector experience the sharpest slowdown for more than a year as housebuilding activity stalled in May, suggesting the U.K.'s economy may have lost some steam in the second quarter.
Federal Reserve presidents differ on whether a drop in the U.S. jobless rate to the six-year low warrants advancing the timing for an increase in interest rates.
ECB President Mario Draghi's testimony is scheduled for today's evening at the European Parliament in Strasbourg and economists expect that the newest stimulus tool announced by Draghi will deliver more than 700 billion euros of cheap funding to banks.
The key highlight of the previous week without any doubt was Germany's World Cup victory, underscoring its supremacy not only on the European economic and political arena, but also in the football world.
"Food prices in June were influenced by seasonally higher prices for fresh vegetables and higher meat prices"- Chris Pike, prices manager New Zealand's Food Prise Index rose at the fastest pace in a year in June, adding to the broader consumer-price inflation and justifying the RBNZ's tightening stance. Food prices rose as much as 1.4% in June month-on-month, after a 0.6%
The number of Australian home-loan approvals remained unchanged in May, adding to signs that the country's housing market is taking a break after a year of strong growth.
The Bank of England left its interest rates and asset purchase target unchanged despite criticism that policy makers send mixed signals on when borrowing costs will eventually start to rise and amid concerns that a strong local currency may choke off a recovery in Britain's economy.
The number of Americans seeking U.S. unemployment benefits fell to almost the lowest level in seven years last week, a sign of increasing health in the labour market as employers are adding jobs at a healthy clip and unemployment rate is at the lowest level in more than five years.
Industrial production in France, Italy and the Netherlands surprised sharply to the downside in May, joining Europe's powerhouse Germany, which earlier this week reported output suffered the biggest monthly drop in two years in May, casting further doubts over the Euro zone's prospects for recovery this year.
Japan's core machinery orders unexpectedly declined in May, the sharpest fall since the government started to compile data in the current format in 2005, casting doubts on hopes that capital spending was rising and could boost further economic recovery.
Unemployment rate in Australia rose more than expected, with some economists predicting it could climb higher.
U.K. house prices declined marginally in June, the fourth monthly fall since last December, but the underlying trend suggests the rapid market upturn still has steam, despite signs that affordability restrictions are beginning to cool the market.
Minutes from the last month's FOMC meeting hint that the Federal Reserve is preparing for the end of quantitative easing after the FOMC's October meeting, given the economy continues to improve as the central bank expects.