The U.S. dollar was weaker against most currencies on Monday after the impact of oil producers' failure to agree on a plan to curb global supply faded, boosting risk appetite and leaving traders to mull a dovish Federal Reserve.
Commodity-linked currencies such as the Australian, New Zealand and Canadian dollars and the Russian ruble turned positive against the U.S. dollar after falling earlier on a collapsed plan to cap oil production at current levels on Sunday at a producers' meeting in Doha, Qatar.
The Australian dollar hit a nearly 10-month high against the greenback of $0.7759 after slipping to a nearly one-week low of $0.7594. Analysts said a strike by Kuwaiti oil and gas workers that was supportive of oil prices helped the currency, while greater risk appetite also boosted the Aussie.
"Risk has proven fairly resilient to this negative news in oil," said Vassili Serebriakov, currency strategist at BNP Paribas in New York. "It kind of feels like some of the global growth concerns may be fading a bit."