BANGKOK (AP) -- Most Asian markets drifted lower Monday as cautious investors awaited key U.S. and Japanese data later this week for clues on the global economic outlook.

Asian stock markets would likely hover at current levels for awhile after their huge rally since March, analysts said.

U.S. job numbers due Thursday should help investors figure out if their hopes for a recovery in the world's largest economy are justified. They will also be looking for indications of Japanese business executives' confidence when the Bank of Japan releases the quarterly "tankan" survey on Wednesday.

And with some investors heading off on summer holidays, trading will likely be thin.

"We're going to be a bit directionless next couple weeks," said Andrew Orchard, Asian strategist for Royal Bank of Scotland in Hong Kong. "We could gradually drift higher, but we're not going see an extreme move in either direction."

The dollar got a modest lift after Chinese central bank governor Zhou Xiaochuan said over the weekend that there would be no sudden changes in China's foreign currency reserves.