NEW YORK: The US dollar edged higher Monday following last week's strong gains and the yen slipped again after G7 finance chiefs reiterated over the weekend their pledge against competitive devaluations.
At 2100 GMT, the euro traded at $1.2975, compared to $1.2992 late Friday, holding in a narrow range during a day with little news to move trade.
The dollar picked up to 101.82 yen from 101.59, but pulled back from the 102-yen line in early trade, while the euro rose to 132.11 yen compared to 132.05 yen on Friday.
Christopher Vecchio, currency analyst at DailyFX, said the market needed to take a breather on Monday.
"Commentary from the G7 meeting was roundly supportive of Japan's policies, with the Japanese envoy declaring victory upon leaving London, gleefully noting that no G7 member was opposed to the country's aggressive and fiscal easing policies."
"If the yen continues to weaken at its current pace, the G7 is likely to change its tune. But for now, there's little exogenous pushback."
The British pound weakened, falling to $1.5298 from $1.5354, while the dollar pushed higher against the Swiss franc, to 0.9575 franc from 0.9560.
<Center><b><i>Copyright AFP (Agence France-Presse), 2013</b></i></center>
Comments
Comments are closed.