Currency markets got off to a nondescript start on Monday thanks to an uneventful weekend, but the prospect of further policy easing this week by the European Central Bank is likely to keep the euro on the defensive. The common currency was just a shade under $1.0600 in early Asian trade, little changed from where it was late last week. It had been as low as $1.0565 a few days ago - a level not seen since April - on those easing views. Against the yen, it was steady near 130.00, but not far from a seven-month trough of 129.67 set on Friday.
Against the yen, the dollar was at 122.81, still in consolidation mode after reaching a three-month peak of 123.77 earlier in November. The Reserve Bank of Australia and Bank of Canada will also review their policies this week, but both central banks are expected to stand pat on rates. The Aussie was just a tad under 72 U.S. cents, having retreated from last week's high of $0.7283. The Canadian dollar stood at C$1.3378 per USD, nursing Friday's 0.7 percent fall due to softer oil prices.
Crude oil futures fell, as disappointing Chinese data and worries over a global energy supply glut overshadowed geopolitical concerns. The Canadian dollar has been hit this year by the drop in the price of oil, a key export for the country.