The US dollar continued to weaken against the yen and euro in afternoon trading here, dealers said. At 3.18 pm (0718 GMT) here, the dollar was at 118.85 yen, down from 118.88 yen in Tokyo nearly 3-1/2 hours earlier. The euro was at 1.1950 usd, up from 1.1941 usd in Tokyo. The dollar started to dip at the start of the Asian session as players cut positions on concerns that this week's US data releases may not be so dollar-friendly and that the US Federal Reserve's series of increases in interest rates could be close to ending. US data due this week include: February retail sales and fourth-quarter current account data tomorrow; January Treasury International Capital Systems (TICS) data Wednesday; the February consumer price index and March Philadelphia Fed survey results Thursday; and February industrial production and capacity utilization and preliminary March University of Michigan sentiment data Friday. "When the one-hike-per-meeting cycle ends, the dollar will have to start playing its part to address the current account gap, especially if this week's TICS data continue to show that foreigners are not buying enough US assets to cover the trade deficit for a second straight month in January," an analyst at DBS Bank wrote. With future Fed monetary policy now "data dependent", these reports will be closely watched, dealers said. The euro got an additional lift from hopes that the German ZEW sentiment survey, due tomorrow, will point to a recovery in Europe's largest economy and bolster the case for further rate increases by the European Central Bank (ECB). "A strong ZEW survey, combined with rising EU labor costs for the fourth quarter, due on Friday, should help support ECB rate expectations and the currency," UBS forex strategist Ashley Davies wrote in a note.