A heavy week for the U.S. calendar opened quietly but risk sentiments are apparently brushed outside the market on Monday as a lack of first-tier economic releases from the superpower left some room for two of the world's largest economies to hold a tighter grip on financial markets and spur further losses.

Obviously, markets fretted today about the prospects of global economic growth and possible repercussions of a messy European national politics, after manufacturing in China and the euro contracted, Dutch Prime minster offered to quit, while French President lost the first round of his re-election bid.

Losses were broadly seen across markets while global stocks plunged, higher-yielding currencies lost against the U.S. dollar and commodities moved lower. Political uncertainty and concerns about the global growth will definitely continue to drive markets over the rest of the year.

The dollar pared earlier gain against major currencies, driving the USDIX which tracks the performance of the greenback versus a basket of currencies including the euro, the pound and the Japanese yen to trade around 79.46 after hitting a 79.65 daily high from 79.30.

Today's downbeat data and rising U.S. dollar have pushed commodities right into the edge as well as global equities. Gold moved up a little to trade around $1637.00 an ounce after recording a $1623.03 daily low from $1640.64. Crude oil for June delivery trimmed loss to $103.02 a barrel.

The 17-nation common currency fell to $1.3133 against its U.S. counterpart amid concerns French Presidential elections and Dutch turmoil will hurdle efforts to contain the region's sovereign-debt crisis. the EUR/USD pair started the day at $1.3182 and printed a daily low of $1.1302.

The British pound rebounded slightly to $1.6124 against the greenback, of course being the safest among the U.K assets amid the risk aversion that took the stage since the morning hours. The GBP/USD pair opened the day at $1.6120 and posted a daily low of $1.6074.

Finally, the dollar dropped for the second day against its Japanese counterpart which rose against all of its 16 most-traded peers already amid the political turmoil in Europe, driving the USD/JPY pair lower to 81.13 yen up from 81.51 yen, after printing a daily high of 81.66 yen and a low of 80.95.