2019.03.2518:04:00UTC+00Dollar Mostly Subdued Against Major Currencies

The U.S. dollar stayed subdued for much of the session on Monday as most of its major rivals recovered from losses they had posted in the previous session.

The dollar index, which dropped to a low of 96.41 around noon, after having advanced to 96.68 earlier, recovered to 96.52 subsequently, but was still trailing its previous close by about 0.1%.

The dollar weakened to 1.1315 against the Euro, losing marginally from last close. The euro, which had taken a beating on Friday on weak eurozone economic data, edged higher today after Germany reported an unexpected improvement in business sentiment in March.

Germany's business confidence strengthened in March, after weakening in the previous six months, as businesses were more optimistic regarding the future and the economy's resilience, results of a key survey showed on Monday.

The ifo business confidence index rose to 99.6 from a revised 98.7 in February, data from the Munich-based Ifo Institute revealed. Economists had expected the reading to remain unchanged at February's original score of 98.5.

The ifo index rose for the first time since August 2018.

"The companies are somewhat more satisfied with their current business situation, and they are decidedly more optimistic regarding business in the coming six months," the ifo Institute President Clemens Fuest said. "The German economy is showing resilience."

The expectations measure of the survey climbed to 95.6 from 93.8 in February. Economists had forecast a score of 94.

The current assessment index edged up to 103.8 from 103.4 in February. Economists had expected the index to ease to 102.9.

Meanwhile, the survey showed that the German manufacturing was not yet out of the woods, suggesting that the activity in the automotive sector is yet to gain momentum.

The factory sector confidence weakened again and expectations were dull, falling to its weakest level since November 2012.

Against the Japanese Yen, the dollar was down slightly, with a unit of greenback fetching 109.96 yen.

The British Pound was down marginally against the greenback at 1.3193.

On Brexit, the European Union has offered an extension to the U.K. to the exit date, but it remains to be seen if Prime Minister Theresa May's Brexit deal will gain the support of lawmakers.

May told MPs that all the Brexit options would require going back to the EU and requesting a longer extension to the process. Aside from leaving without a deal, which she ruled out, "the alternative is to pursue a different form of Brexit or a second referendum," she said.

The European Council has reportedly said it would be open to considering a different plan for Brexit if May's deal is not passed by April 12.

The Swiss franc and the Aussie were were lower by 0.06% and 0.01%, respectively. The dollar was up 0.04% against the loonie.