In U.S. trading on Monday, EUR/USD was up 0.07% at 1.3506.
Fed Chair Nominee Janet Yellen told the Senate Banking Committee late last week that the U.S. central bank remains committed to purchasing USD85 billion in Treasury holdings and mortgage debt a month to prop up the economy, a monetary policy tool known as quantitative easing that weakens the dollar by driving down interest rates.
The dollar did come off earlier lows, however, after Federal Reserve Bank of New York President William C. Dudley said he was growing more and more hopeful that the U.S. economy is improving and added fiscal uncertainties may no longer be dragging down recovery as in recent months.
"While growth in 2013 has been disappointing, I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015. The private sector of the economy should continue to heal, while the amount of fiscal drag should subside," Dudley said in prepared remarks of a speech he delivered at Queens College, Flushing, New York.
"Despite near-term concerns, growth prospects among our major trading partners will improve further next year. This combination of events is likely to create an environment in which business investment spending will strengthen."
Still, Dudley gave no real indication as to when bond purchases may taper, which kept the greenback in negative territory.
Elsewhere, National Association of Home Builders/Wells Fargo Housing Market Index came in unchanged in November at 54, missing analysts' calls for an uptick to 55 this month.
Rising stock prices in the U.S. and Europe enticed many investors out of safe-haven dollar positions as well.
Meanwhile in Europe, data released earlier Monday showed that the euro zone's surplus widened to EUR13.1 billion in September from EUR8.6 billion a year earlier. The report said exports rose 3% on a year-over-year basis, while imports were flat.
The greenback was up against the pound, with GBP/USD down 0.15% at 1.6096.
The dollar was down against the yen, with USD/JPY down 0.10% at 100.09, and down against the Swiss franc, with USD/CHF down 0.17% at 0.9132.
The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.06% at 1.0432, AUD/USD up 0.04% at 0.9376 and NZD/USD trading up 0.02% at 0.8338.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 80.82.
On Tuesday, the U.S. is to release data on the employment cost index, an important inflationary indicator.
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