Commodity currencies slumped early on Monday while the safe-haven yen soared after global oil producers failed to agree on an output freeze, sending oil prices tumbling anew.
The failure to secure a deal unsettled markets. U.S. crude futures CLc1 slid 6.7 percent to $37.68 a barrel, while Brent futures LCOc1 dropped 6.7 percent to $40.18 a barrel.
The Japanese yen, a perceived safe-haven, benefited from the turmoil, with the dollar skidding 0.6 percent to 108.07 yen JPY=.
The euro was down 0.4 percent at 122.10 yen EURJPY=R after earlier dropping to 121.95, its lowest since April 2013.
The euro edged up about 0.2 percent to $1.1300 EUR=, while the dollar index edged down 0.1 percent to 94.656 .DXY.
U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter and reinforcing Fed caution on rate hikes.
The European Central Bank will continue to do what is necessary to boost inflation and has not seen evidence so far that exceptionally loose monetary policies are creating asset bubbles, ECB President Mario Draghi said on Friday.
China's exports in March returned to growth for the first time in nine months, adding to further signs of stabilisation in the world's second-largest economy that cheered regional investors.
March exports rose a blistering 11.5 percent from a year earlier, the first increase since June and the largest percentage rise since February 2015.
Economists, however, warned that Wednesday's data was not evidence of stronger global demand as it was heavily skewed by base effects and seasonal distortions from the Lunar New Year.
And despite signs of green shoots for China, first quarter GDP data on Friday is expected to show the economy growing at its slowest pace since the financial crisis. Combined with tepid inflation, that is likely to keep Chinese monetary policy loose for some time yet.
The European Central Bank will continue to do what is necessary to boost inflation and has not seen evidence so far that exceptionally loose monetary policies are creating asset bubbles, ECB President Mario Draghi said on Friday.
Draghi added the economic outlook for the euro zone faces uncertainty due to risks to growth prospects in emerging market economies, a clouded outlook for oil prices and geopolitical risks.
Oil prices opened sharply lower in early Asian trading hours on Monday after major oil producers ended their meeting in Doha, Qatar, over the weekend without reaching an agreement to cap production.
Oil-rich nations at Qatar summit say they need “more time” before agreeing to a production freeze.
"We concluded we all need time to consult further," Qatar's energy minister Mohammed al-Sada told reporters. Several OPEC sources said if Iran agreed to join the freeze at the next OPEC meeting on June 2, talks with non-OPEC producers could resume.
Reference: Reuters, CNBC, Nasdaq
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