A two per cent fall in Deutsche Bank shares hurt European banking stocks.
Market analysts put the latest decline - and caution in equity markets - down to the weekend's G20 communiqué, which dropped an explicit statement of opposition to protectionist trade policies.
The spectre of slower US rate hikes has been helping high-yielding currencies. However, messages sent to markets from monetary policy makers before Wednesday's meeting led investors to believe the central bank will not only raise interest rates but also accelerate the pace of tightening.
The market is also awaiting speeches by US Fed officials this week for their projections on the future movement of the dollar.
The US Dollar was broadly lower through the Asian session, with Mr. Evans' comments getting much of the blame. Still, the index was up more than 11 per cent since the election of US President Donald Trump in November, spurred by optimism over his plans to reform the tax code and cut regulation. "Eventually, the market will lose patience", Frederick said.
Last week, thirty-year fixed mortgage rates hit a high for the year, already, when the averaged shot up to 4.21%, in anticipation of this very move by the FED.
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The global dollar index dropped to 100.28 from the previous close of 100.41.
Last week, the Dow Jones Industrial Average squeezed out a gain of nearly 0.1 percent, the Standard & Poor's 500 Index rose 0.2 percent, and the Nasdaq Composite Index climbed 0.7 percent.
The Canadian dollar weakened slightly against its USA counterpart on Monday as lower oil prices offset strong trade data and investors weighed the G20's decision to avoid endorsing open trade. Europe's broad FTSEurofirst 300 index ended 0.23 percent lower at 1,488.36.
"It's follow-through and a hangover from last week - the concept of a dovish Fed", said Brad Bechtel, managing director at Jefferies in NY in reference to the dollar's earlier weakness. U.S. crude was down 47 cents, or 0.96 percent, at $48.31 per barrel. Oil prices fell as investors continue to grapple with worries about growing USA oil output and high inventories.
USA crude prices settled down 56 cents United States at US$48.22 a barrel, while the Brent global benchmark was off 10 cents US at US$51.66.
In commodities, oil prices continued their downward trend as OPEC supplies remained steady despite touted cuts, and rising US drilling contributed to concerns about a supply glut. It last stood at 2.479 percent.