us dollar banknotes are displayed in this illustration taken february 14 2022 reutersdado ruvic hong kong july 11 reuters  the dollar was on the front foot at the start of a week in which us and chinese data and european energy security were top of mind as investor concerns about global economic growth offered support to the safe haven currency the euro languished at 101475 having lost 23 last week and briefly falling to its lowest since late 2002 the greenback gained 037 on the yen to 13663 in early trade not far from a 20year peak hit last month leaving the dollar index at 10729 the dollar could remain expensive until the risks around elevated global inflation european energy security and chinas growth outlook have been resolved said analysts at barclays in a note to clients this weeks us cpi will be an important piece of the puzzle as the fed decides between 50 basis points and 75 basis points ahead of the july meeting the data is due wednesday and markets would likely interpret a high reading as a sign the us federal reserve would need to raise rates even more aggressively to combat inflation with inflation rampant across much of the world rate hikes are also expected this week from the reserve bank of new zealand on tuesday and the bank of canada on thursday energy concerns meant the euro was struggling against more than just the dollar and in early trade monday was at 085 british pence and 13848 yen  just above last fridays levels when it hit its lowest since late may against both currencies in the latest worry for the european economy the biggest single pipeline carrying russian gas to germany starts annual maintenance on monday flows are expected to stop for 10 days but governments markets and companies fear the shutdown might be extended due to war in ukraine read more the other main economic event this week is chinese second quarter gdp on friday with investors watching for signs of how hard the economy was hit by covid19 lockdowns in many cities during the quarter case numbers are edging up slightly again in shanghai though much lower than they were and authorities there and in several cities are scrambling to stamp out new outbreaks read more britain will publish its second quarter gdp data on wednesday but attention is more focused on the ruling conservative partys choice of their next leader and prime minister as candidates throw their hats into the ring with many promising tax cuts read more sterling was steady at 12028 on monday morning having finished a volatile time last week not far from where it started bitcoin was at 20800 after its latest attempt to break significantly away from around 20000 petered out over the weekend it has been stuck at around that level for the past month