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Dollar makes slight comeback as forex market settles

by Paul

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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