Dollar dozes in Asia, euro waits on Lagarde speech

"Global policy rates are converging once again at the bottom. That probably means less volatility among currencies as interest rate differentials shrink and the likelihood of any change in policy diminishes," said Marshall Gittler, an analyst at ACLS Global.

SYDNEY: Major currencies started the week in a quiet mood with a holiday in Tokyo making for thin trading conditions and investors waiting to hear the first official speech from the new head of the European Central Bank later in the session.

The dollar had tried to rally on Friday after U.S. payrolls beat expectations, but was undone by a soft manufacturing survey which left it looking heavy.