After the not stop action Asia saw in the currency markets last week, today's rather calm trading session was a welcome reprieve to weary traders. With many investors wondering how low the Euro can go amidst the uncertainty of not only Greece, but also Portugal and Spain, risk pairs were slightly offered despite a symphony of reassurances from the weekend's G7 meeting that looked to quell fears about Europe's sovereign fears. After earlier highs near 1.3665, the EUR/USD looked to end the day closer to its lows near the 1.3620 mark. The GBP/USD posted a low not seen since May of 2009 as the pair touched bottom near 1.5550. The fear of a possible sovereign default has kept the US Dollar and the Yen well bid over the past few weeks.

Although the session was subdued ad dominated by range bound trading, the overall tone of the day was dour, with equities taking another hit with the Nikkei looking soft to the tune of 1%. Following a week of strong gains due to risk aversion, the USD/JPY remained buoyed between 89.15 and 89.45 for the better part of the day. EUR/JPY remained in a range roughly between 121.50 and 122.00 for the session with no real data releases or news to spark moves.

Looking ahead to the week's data in Asia, we have some top tier numbers to look to including; Chinese Trade Balance due Wednesday, Aussie employment and unemployment data for Thursday, along with Chinese PPI and CPI, and finally New Zealand Retail Sales wrapping it up on Friday.