Early Monday trading in Europe saw the U.S. dollar edging lower, but it was still near to its recent one-week high as risk aversion increased due to concerns that prolonged monetary tightening cycles could harm global growth and the political unrest in Russia over the weekend.

The dollar index that gauges the greenback versus its major pairs, sluped by 0.2% at 102.358 after posting its first weekly rise in nearly a month, of more than 0.5%, previous week.

EUR/USD inched up to 1.0907, recovering somewhat from losses last week when the euro fell to a one-week low after PMI data revealed that eurozone company expansion had stopped in June.

GBP/USD grew by 0.2% to 1.2738, regaining part of the 0.8% loss it suffered the previous week when the Bank of England surprised markets with a 50 basis point interest rate increase, igniting concerns about a possible British recession as it tries to contain inflation.

USD/JPY climbed by 0.2% to 1.2738, regaining part of the 0.8% loss it suffered the previous week when the Bank of England surprised markets with a 50 basis point interest rate increase, igniting concerns about a possible British recession as it tries to contain inflation.