The release on the US labor market, scheduled for this Friday, will cause traders an unprecedented interest. The main reason is the shocking past employment data in the country's non-agricultural sector. NonFarm Payrolls Last data: 20K Consensus forecast: 175K

The traders’ attention on the first Friday of the last month of the outgoing year will be directed to a fresh package of fundamental US data on the labor market. NonFarm Payrolls Last data: 250K Consensus forecast: 200K

The dollar recovered from a two-week low against a basket of six major currencies on Monday, though trade was thin due to many markets being closed for the New Year holiday.

The Organization for Economic Cooperation and Development (OECD) lowered its forecast for growth in the Russian economy in 2013 up to 2.3% compared with expected 3.8%. Russia's GDP growth forecast for 2014 was lowered from 4.1% to 3.6%, according to the OECD report on the global economic forecast.