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US dollar rebounds slightly as forex market settles

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The US dollar edged higher against the euro and yen Monday as foreign exchange markets settled down in the wake of last week's central bank-spurred volatility.

[NEW YORK] The US dollar edged higher against the euro and yen Monday as foreign exchange markets settled down in the wake of last week's central bank-spurred volatility.

The greenback pushed to US$1.1245 per euro and 111.94 yen, slight gains that left it still significantly lower than before the Federal Reserve spurred a fall with its unexpectedly dovish rate stance on Wednesday.

"The decline in the greenback has driven many major currencies into overbought territory and a correction at these extreme levels also seems likely," said Kathy Lien at BK Asset Management.

The pound slipped by one cent to US$1.4375 as British Prime Minister David Cameron faced more challenges over the looming "Brexit" referendum on pulling out of the European Union, and ahead of Tuesday's release of inflation figures.

AFP

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