Foreign exchange market. American session: the British pound traded lower against the U.S. dollar in the absence of any major economic reports in the UK

The U.S. dollar traded mixed against the most major currencies in quiet trade. No major economic reports will be released in the U.S. on Monday. Markets participants are awaiting the congressional testimony by Federal Reserve Chair Janet Yellen on Tuesday and Wednesday. They expect to hear new information on when the Fed could start to increase its interest rate.

The euro traded higher against the U.S. dollar ahead of testimony by European Central Bank President Mario Draghi later in the day. The euro strengthened after Portugal's central bank eased market fears over the financial health of Banco Espirito Santo.

Eurozone's industrial production declined 3.3% in May, missing expectations for a 0.3% gain, after a 0.7% increase in April. April's figure was revised down from a 0.8 gain.

On a yearly basis, Eurozone's industrial production climbed 0.5% in May, missing expectations for a 1.1% rise, after a 1.4% gain in April.

The British pound traded lower against the U.S. dollar in the absence of any major economic reports in the UK.

The Canadian dollar traded higher against the U.S. dollar, recovering a part of Friday's losses. The Canadian currency dropped on Friday due to the weaker-than-expected Canadian labour market data. Canadian unemployment rate climbed to a seasonally adjusted 7.1% in June from 7.0% in May. The Canadian economy unexpectedly lost 9,400 jobs last month.

The New Zealand dollar traded slightly lower against the U.S dollar. The REINZ housing price index declined 0.3% in June, after a 1.2% decrease in May.

The Australian dollar traded mixed against the U.S. dollar in the absence of any major economic reports in Australia.

The Japanese yen declined against the U.S. dollar due to decreasing demand for safe-haven yen after Portugal's central bank eased market fears over the financial health of Banco Espirito Santo.

Japan's industrial production rose 1.0% in May, after a 0.8% increase in April. Analysts had expected a 0.5% increase.

On a yearly basis, Japan's industrial production climbed 0.7% in May, after a 0.5% rise in April.