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Forex

Dollar makes slight comeback as forex market settles

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The dollar edged past the euro and yen on Monday as foreign exchange markets settled down amidst last week’s central bank-spurred volatility.

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

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

The pound went down by one cent to finish at 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.

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Paul

The author Paul