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• The dollar on Monday fell from an 18-month high reached the previous session, ahead of the Federal Reserve's policy meeting this week that will likely result in an increase in interest rates but signal a more cautious tone for the economy next year.

The Fed ends its two-day policy meeting on Wednesday and is expected to tighten for a fourth time in 2018. All eyes, however, will be on signals about the pace of further tightening and the Fed's sense of how the economy is holding up amid a U.S.-China trade conflict and global financial market volatility.

Last week, the dollar enjoyed its best weekly performance since September, reaching an 18-month high on Friday. The euro, on the other hand, weakened last week after the European Central Bank cut inflation and growth forecasts and struck a cautious tone about the outlook for the world economy.

In mid-morning trading, the dollar index, which measures the greenback's value against a basket of other major currencies, slipped 0.39 percent to 97.07 as of 2:25 p.m. ET.

The euro, meanwhile, rose 0.42 percent on Monday, to as high as $1.136 even though EU statistics office Eurostat earlier lowered November's inflation reading. The euro fell as low as $1.1266 last week.

Weaker-than-expected economic data from China and Europe last week sent investors toward the perceived safety of the dollar.

• Investors are now looking to a major speech by President Xi Jinping on Tuesday to mark the 40th anniversary of China's market reforms and opening up. China is also scheduled to hold its annual Central Economic Work Conference this week.

• Prime Minister Theresa May said on Monday she would bring her Brexit deal back to parliament for a mid-January vote, pledging to get assurances from the European Union before then to break a deadlock over Britain’s fraught efforts to quit the bloc.

• Oil prices fell to a 14-month low on Monday on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over the prospects for global economic growth and fuel demand.

U.S. light crude ended Monday’s session down $1.32, or 2.6 percent, to $49.88, settling below $50 for the first time since October 2017. The contract fell 4percent towards $49 a barrel after the settlement, hitting the lowest level on an intraday basis since Sep. 13, 2017.

Brent crude oil fell 67 cents, or 1.1 percent, at $59.61 per barrel.

Reference: CNBC, Reuters