Dollar rises against euro, other European currencies in New York

The dollar rose against the euro and other European currencies on Monday as investors booked profits from a surge that followed European Central Bank President Mario Draghi's suggestion last week that the bank may not continue easing monetary policy.
The euro zone currency posted its largest gain in a month after Draghi's remarks last Thursday, but has since given up ground against the dollar.
Investors now turn their attention to the US Federal Reserve's policy meeting on Tuesday and Wednesday. The central bank's Federal Open Markets Committee is expected to keep interest rates unchanged.
"It's the combination of a market that overextended in the opposite direction because of Draghi's 'no more rate cut' comment and just some corrective natural price action into the risk of an FOMC that could be a little bit more hawkish," said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago.
Traders will also be watching interest rate decisions from the Swiss, Australian and Norwegian central banks this week, along with the Bank of England and Bank of Japan. Those meetings are likely to provide a test of central banks' ability to successfully manage market expectations, analysts said.
The euro fell 0.5 percent to trade at $1.1197, also hurt by a rise in European stocks, which have rallied about 3 percent since Draghi announced a series of bold easing steps including an expansion in asset buying and a deeper cut to already negative deposit rates.
The dollar rose broadly against major European currencies on Monday. Against the Swiss franc, it added 0.45 percent to 0.9875 franc. Sterling also fell against the dollar, shedding 0.6 percent to $1.4298.
The biggest moves on the day were in emerging markets where several currencies sold off amid local turmoil. The South African rand fell by as much as 2.4 percent against the dollar on worries that a credit rating downgrade could be looming.
The Brazilian real also declined on Monday, falling as much as 1.8 percent against the dollar after a nation-wide protest against President Dilma Rousseff over the weekend attracted around 3 million demonstrators but showed a lack of enthusiasm for any candidate to replace her.
The Egyptian pound shed more than 14 percent after a long-awaited currency devaluation by the country's central bank. The Russian rouble turned positive in afternoon trading after President Vladimir Putin announced his plan to pull Russian armed forces out of Syria.