USD traded lower against most major currencies in the European session on Monday, but its initial decline, triggered by the U.S. Federal Reserve's unexpected decision on Sunday to cut interest rates to 0%-0.25% (the lowest level since 2015) and launch a massive $700 billion quantitative easing program (QE), was tempered somewhat. 

The U.S. dollar index (DXY), measuring the value of USD relative to a basket of foreign currencies, dropped 1.02% to 97.75.

The latest Fed’s action came after it announced another emergency rate cut earlier this month. Rate cuts typically weigh on the currencies by making investments in them less attractive.

Meanwhile, JPY and CHF, which are seen as safer havens, strengthened as traders sought safety amid lingering worries the coronavirus will slow economic growth.