Aussie falls from 14-day high

The value of the monetary unit of Australia dropped from its highest level in two weeks against the U.S. dollar on Monday after surprising slips in approvals of home loans were reported, according to Bloomberg.

Also dragging down the Australian dollar on Monday was economic data from China, the world's second-largest economy and the top trade partner to Australia. Imports to the Asian nation slowed 2.6 percent last month as compared to the same month last year.

"The Chinese imports figures were very weak," strategist Jonathan Cavenagh with Westpac Banking Corporation in Singapore told Bloomberg, noting the policy-making arm of the U.S. Federal Reserve is set to convene later this week. "We can probably go a little bit weaker from here, but I still think dips in the Aussie are going to be well supported, particularly leading up to the FOMC meeting."

Bonds issued by the government of Australia rose Monday while 10-year notes dropped to 3.12 percent.

The Australian Bureau of Statistics indicated on Monday that approvals for home loans dropped 1 percent from June, The Wall Street Journal reports.