Market movement remained limited in the European session, with the US dollar continuing to trade bleakly around one-month lows.
At the time of writing, the dollar index, which measures the greenback's strength against a basket of major currencies, was trading at 102.38.
This shows the vigilance of investors awaiting Federal Reserve (Fed) Chairman Jerome Powell's testimony before the United States Congress on Wednesday and Thursday.
But before that, several other Fed policy makers will give speeches at the New York session tonight including, James Bullard and John Williams.
Meanwhile, investors in the Asian session were shown the results of China's central bank (PBOC) which decided to lower its main lending rate by 10 basis points as expected.
Through the decision, the one-year prime loan rate dropped from 3.65% to 3.55% and the five-year prime loan rate was cut to 4.2% from 4.3%.
This pushed the yuan currency down at 7.1775 against the greenback nearing the 7-month low it touched last week at 7.1819.
Meanwhile, the Aussie dollar traded under pressure, retreating from a four-month high following the release of the Reserve Bank of Australia's (RBA) meeting minutes report.
The RBA's recent results show that discussions on interest rates are balanced, triggering the possibility of a pause in hikes at the next meeting.
Meanwhile, the euro remained stable at a one-month high against the greenback, while the pound also strengthened to its strongest level in almost 14 months.
