11:26 AM EDT, 06/10/2024 (MT Newswires) -- The US dollar stalled in its advance on most major currencies on Monday after the New York Federal Reserve survey showed inflation expectations declining over a one-year horizon and steadying at the three-year horizon in May.

EUR/USD steadied near intraday lows around 1.0735 and GBP/USD continued to climb from intraday lows around 1.2690 while USD/CAD and USD/JPY slipped from intraday highs around 1.3778 and 157.16 respectively following the data.

The survey showed median one-year inflation expectations falling to 3.2% in May, from 3.3% in April, while expectations for inflation at the three-year horizon were unchanged at 2.8%. Five-year expectations ticked higher, however, to 3% from 2.8%.

The data are closely monitored by currency markets because Federal Reserve policymakers believe that expected rates of inflation can influence realized rates of inflation through their impact on price setting intentions and wage demands.