LONDON, July 28: The dollar dipped against the euro on Monday on fresh concerns for the US banking sector and renewed signs of inflation in the eurozone.

The single European currency in late-day trade was at 1.5742 dollars, up from 1.5703 late Friday.

The dollar was also lower against the yen, falling to 107.47 yen from 107.85 on Friday.

Currency traders said investors were unsettled by news over the weekend that US regulators had closed two failed banks, the First National Bank of Nevada and the First Heritage Bank in Newport Beach, California.

“These two failures bring to seven the number of bankruptcies since the start of the year in the banking sector and do not augur well for a rapid return of investor confidence in the US banking sector,” analysts at fund manager Aurel said.

The market is now awaiting key US economic data to be released later in the week, starting with an index measuring consumer confidence on Tuesday. A first estimate of US growth in the second quarter will be published on Thursday followed by figures on US job creation in July on Friday.

The pound was at 1.9943 dollars (1.9913).

On the London Bullion Market, the price of gold rose to 923.50 dollars per ounce at the fixing from 920.50 dollars late on Friday.—AFP