Asian session: Commodity currencies slumped

Commodity currencies slumped on Monday while the safe-haven yen soared after major oil producers failed to agree on an output freeze, sending oil prices tumbling anew. A plan for OPEC and non-OPEC producers deal to freeze oil production fell apart on Sunday after Saudi Arabia demanded that Iran join in, despite calls on Riyadh to save the agreement and help prop up crude prices.

Investors rushed to the safe-haven yen, sending it to three-year highs against the euro. The latest move means the euro has given back the bulk of the gains made against the yen since the Bank of Japan launched its massive asset buying program three years ago.

The United States offered a cool response to concerns voiced by Tokyo that the yen's gains are too sharp and may justify intervention, with Lew saying on Friday that he did not see any disorderly moves in the currency market.

EUR/USD: during the Asian session the pair traded in the range of $1.1375-05

GBP/USD: during the Asian session the pair fell to $1.4160

USD/JPY: during the Asian session the pair fell to Y107.80

Based on Reuters materials