The U.S. dollar depreciated against its major counterparts in early European deals on Monday, as treasury yields dropped at the start of trading week.

The benchmark yield on 10-year Treasury note was lower by 1.9 percent, while the rate on the 30-year Treasury bond fell 2.32 percent. Yields move inversely to bond prices.

U.S. President Trump said on Saturday that the interim trade deal will be signed "very shortly" while China announced that it would cut import tariffs for some goods from January 1.

European stocks were trading on a subdued note despite hopes for reaching the phase one trade deal soon.

On the economic front, the U.S. durable goods orders and new home sales for November are scheduled for release later in the day.

The currency was steady against its major rivals in the previous session, except the pound.

The greenback dropped to 0.9803 against franc, after rising as high as 0.9828 at 7:45 pm ET. If the currency drops further, it may challenge support around the 0.97 level.

Pulling away from a 4-day high of 109.54 set at 6:30 pm ET, the greenback edged down to 109.34 against the yen. The greenback is seen finding support around the 108.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity dropped for the first time in four months in October.

The all industry activity index fell 4.3 percent month-on-month in October, after a 1.9 percent rise in September. This was the first decrease since June and in line with economists' expectations.

The greenback came off from an early high of 1.1073 against the euro, with the pair trading at 1.1084. The greenback is poised to find support around the 1.12 level.

Data from Destatis showed that Germany's import prices declined at a slower pace in November on weak energy prices.

On a yearly basis, import prices decreased by less-than-expected 2.1 percent, following a 3.5 percent fall in October. Prices were expected to decline 2.3 percent.

The greenback ticked down to 1.3032 against the pound, compared to last week's closing value of 1.2995. Next possible support for the greenback is seen around the 1.32 level.

Extending early decline, the greenback fell to 10-day lows of 0.6919 against the aussie and 0.6624 against the kiwi. On the downside, 0.71 and 0.68 are likely seen as the next support levels for the greenback against the aussie and the kiwi, respectively.

The greenback pared gains to 1.3145 against the loonie, from a high of 1.3160 seen at 1:00 am ET. The greenback is likely to find support around the 1.29 level, if it drops further.

Looking ahead, Canada GDP data for October, U.S. durable goods orders and new home sales for November are due out in the New York session.

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