The dollar Slipped, Oil Prices Rose Two-Month High

In the currency market, the euro EUR= traded at $1.1832, having risen to as high as $1.1846, its best level since January 2015, with a test of $1.20 within sight.

It has gained almost 15 percent from its January 3 low of $1.0340, which was its weakest level since January 2003, on rising expectations that the European Central Bank will taper its stimulus next year. 

The dollar also slipped to a 1-1/2-month low of 110.005 yen JPY=, and last stood at 110.18 yen, down 0.1 percent. 

The dollar's index against a basket of six major currencies was at 92.878 .DXY, not far from a 13-month low of 92.784 plumbed overnight. The index had marked its fifth straight monthly decline in July, the longest consecutive retreat since its losing run marked from the end of 2010 through early 2011. 

The Australian dollar gained 0.4 percent to $0.8034 AUD=D4, helped by the strong Chinese data, ahead of the Reserve Bank of Australia's policy announcement later in the day. The RBA is widely expected to keep interest rates on hold. 

The Chinese yuan hit 10-month highs in both onshore CNY=CFXS and offshore CNH=D4 trade.

U.S. political turmoil also weighed on the dollar after U.S. President Donald Trump dismissed his communications director, Anthony Scaramucci, just over a week after naming him to the job.

Oil prices rose to two-month highs on Monday, on expectations of U.S. sanctions against Venezuela's oil sector after Sunday's election of a constitutional super-body in Caracas, which Washington denounced as a "sham" vote. 

Oil prices maintained gains even after the U.S. Treasury Department late on Monday announced sanctions limited only to Venezuelan President Nicolas Maduro. 

Brent crude futures LCOc1 traded at $52.81 per barrel after having hit a high of $52.92 on Monday.

Copper CMCU3 rose 0.2 percent to $6,380 per tonne, holding near Monday's two-year high of $6,430 and its 2015 peak of $6,481.