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·         The dollar’s recent rally ran out of steam on Monday with U.S. yields sinking as investors wound back expectations that the U.S. Federal Reserve will launch a series of rapid rate hikes this year.

The dollar index against a basket of six major currencies was down 0.15 percent at 92.402.

The 10-year Treasury yield stood at 2.960 percent after poking briefly above 3 percent towards the end of April.

The euro was 0.2 percent higher at $1.1964, having recovered last week from $1.1823, its weakest since Dec. 22.

·         “For the dollar to resume its rally, it needs the Fed to hike rates in June - that would be a bare minimum requirement. It also needs the 10-year Treasury yield to build a firm foothold above 3 percent,” said Koji Fukaya, president at FPG Securities in Tokyo.

·         China said on Monday it is willing to work with the United States for a positive outcome in trade negotiations this week.

Foreign Ministry spokesman Lu Kang made the comment at a regular briefing.

Vice Premier Liu He will attend the talks in Washington from May 15 to 19. High-level discussions in Beijing earlier this month appeared to make little progress but there have been signs recently of some easing in tensions.

·         The European Central Bank could give fresh guidance on the timing it its first rate hike as the end of its exceptional bond purchases approaches, ECB policymaker Francois Villeroy de Galhau said on Monday.

The Bank of France governor said that whether the decision to end of the ECB’s net asset purchases came at its September or December meeting was “not a deep existential question”.

·         Oil prices on Monday fell away from last week’s multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran.

Brent crude futures LCOc1 were at $76.79 per barrel at 0648 GMT, down 33 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $70.44 a barrel, down 26 cents, or 0.3 percent.