Dollar falls as oil rally revives euro

NEW YORK: The dollar fell on Monday, wiping out its initial gains, as a rally in the oil market kindled bids for riskier euro and commodity-sensitive currencies.

The euro's gains were limited on the view the European Central Bank would embark on more stimulus to support the euro zone's fragile economic recovery at its policy meeting on Thursday.

The euro was last up 0.15 percent at $1.1017 after hitting a low of $1.0941 in European trading.

The Australian dollar was up 0.56 percent at $0.7478, while the Canadian dollar was down 0.17 percent at C$1.3293 per U.S. dollar.

In London, benchmark Brent crude futures were up 4.4 percent at $40.44 a barrel after reaching their highest levels in nearly three months.