Major Asian currencies started the week with a decline movement after the European debt crisis has returned to rebound again, fueling the fears for global investors, and pushed them to cool their investment in higher yielding currencies such as the Aussie and Kiwi.

The Australian and New Zealand dollars retreated against the major currencies as concern the Greek government will fail to avoid a debt default sapped demand for higher-yielding currencies.

Moreover, the New Zealand dollar against the greenback pair has declined during the first day trading of this week, which recorded the lowest level at 0.8079 and the highest level at 0.8110, while it trades around 0.8088.

Moving to the AUD/USD pair dropped slightly, recorded a low of 1.0573 and a high of 1.0611, which trades around 1.0576.

On the other hand, the Japanese yen slumped against most major counterparts at the first day trading after Japan reported that its merchandise trade balance deficit has expanded more than expected in May, but now the yen returned to incline again as a safe heaven amid the European debt crisis.