Dollar sags

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TOKYO: The dollar sagged against a basket of currencies on Tuesday after disappointing U.S. economic data pushed it away from a 12-day peak.

The dollar index was little changed at 96.020 after sliding on Monday from 96.399, its highest since March 16. The euro was steady at $1.1194 EUR= after gaining about 0.3 percent overnight to snap a six-day losing streak.

Sellers took aim at the greenback after soft U.S. consumer spending prompted economists to cut their first-quarter gross domestic product growth estimates.  Furthermore, the Atlanta Federal Reserve's GDPNow forecast model on Monday showed the U.S. economy growing at below an annualised 1 percent in the first quarter, down from 1.4 percent in the fourth quarter. The disappointing outcome dimmed prospects for an imminent hike in U.S. interest rates, which some Federal Reserve officials last week said could be as early as next month if the economy maintained its momentum.  The yen, on the other hand, underperformed the defensive greenback.  Traders said speculation of more monetary stimulus and talk that Japanese Prime Minister Shinzo Abe will delay an unpopular sales tax hike and call a snap election appeared to be keeping the yen under pressure.