You are here
US dollar rebounds slightly as forex market settles
[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.