Investors are also looking ahead to possible comments from Bank of Japan Governor Haruhiko Kuroda on Tuesday, with analysts expecting him to expand on his earlier remarks that the BOJ has room to cut rates.
Meanwhile, China’s central bank set the yuan’s CNYUSD, -0.0045% benchmark rate at 0.7% lower against the U.S. dollar, in the biggest depreciation move for the yuan since the Brexit vote in June.
Data on Friday showed an increase in the number of active oil rigs in the U.S. last week, spurring fears that the recent rally in oil prices attracted more U.S. shale gas producers to return to the oil patch, according to ANZ.
The strong dollar is also keeping oil prices suppressed, said the bank.
“The market is likely to remain in a tight range this week with a lack of data providing little insight into China’s industrial activity,” ANZ said.