The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months.

The U.S. dollar held firm on Monday following last week's bruising dive as Federal Reserve Governor Christopher Waller said that the central bank was not softening its fight against inflation.

U.S. consumer sentiment slumped in November amid persistent worries about inflation and higher interest rates, according to a survey on Friday, which also hinted at a sharp slowdown in spending on goods.

The U.K. economy shrank for the first time in six quarters in the three months through September, as Europe's energy crisis drove inflation to its highest in 40 years.

The annual rate of inflation in the U.S. fell by more than expected in October, indicating that the worst of the post-pandemic price spike is over and bolstering hopes of an early end to the current cycle of interest rate increases.

The U.S. government recorded an $88 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Thursday.