An upcoming election in Italy places some of those reforms in doubt. The Spanish government, meanwhile, is embroiled in a corruption scandal that's raising questions over the future of Prime Minister Mariano Rajoy.
The euro fell to $1.3512. The yield on the 10-year Treasury note fell to 1.96 percent from 2.05 percent earlier Monday as demand for ultra-safe assets increased.
Oil prices drifted lower. Crude fell $1.60 to $96.17 a barrel in New York.
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Daniel Wagner can be reached at www.twitter.com/wagnerreports
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