The EUR dropped Monday, giving back the ground won last week, as concerns over the stability of the Euro-Zone financial system resurfaced after Spain rescued a small savings bank over the weekend. Investors again turned to the USD and JPY as safe heaven investments.

The EUR dropped to the lowest level against the yen since November 2001 and fell about 1.5% against the USD. However, the common currency stayed above the four-year low of $1.2143 it hit last week.

The EUR weakened almost 2% to 109.22 Yen. The Dollar declined to 89.45 Yen, from 90.29 Yen. The EUR/USD pair declined to a low of $1.2180.

Oil prices fell more than $2 to below $68 a barrel in Asia and European trading as plunging regional stock markets and a strong Dollar dampened commodities' appeal. Crude Oil for July delivery fell as much as $2.85, or 4.1%, to $67.36 a barrel in electronic trading on the New York Mercantile Exchange.