During today's Asian trading, the US dollar traded steady against major currencies as investors turn cautious at the start of a week that will be filled with central bank meetings and important US economic data.

Trading volumes were subdued due to the holidays in Japan and China, which curbed volatility, causing the US dollar to consolidate. The ICE index, which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.03%.

"We expect the dollar to decline due to the improving outlook for the global economy," Commonwealth Bank of Australia analyst Kim Mundy said. "However, the risk of a short-term rise in the dollar will persist if reliable data leads to a significant increase in US Treasury yields."

The Australian and New Zealand dollars gained slightly, but this was not enough to compensate for the fall on Friday.