Dollar drifts, investors nervous on US outlook

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breathing space for risk appetite," said currency strategists at UBS in a note to clients.

Investors are now awaiting Germany's Ifo survey, which is forecast in a Reuters poll to fall to 103.4 from 104.1. The confidence figure is seen as a key barometer of how the biggest economy in the euro zone is faring.

A decline in Asian stock markets made some traders cautious about using the low-yielding yen as a cheap source of funds to buy higher-yielding currencies in carry trade.

The New Zealand dollar, a bellwether of the carry trade, dipped about 0.7 percent against the yen to 80.17 yen. Japan's benchmark Nikkei share average was down 1 percent in afternoon trade.