The Asian currencies started the week with a decline against the Japanese yen and the American dollar after the European Finance Ministers failed to reach to agreement that work to support the crisis to contain during this time, reducing the demand of higher yielding currencies.

With no agreement, the Euro and other risk sensitive pairs are set to gap lower once again, while the common currency declined versus the US dollar as ECB leaders are still seeking to contain the Greece debt crisis.

The Australian dollar weakened versus the dollar and yen after European leaders failed to assure investors that they are nearing a solution to the euro region debt crisis, sapping demand for riskier assets.