Dollar higher, yen slips again after G7 meeting
Dollar rose after G7 finance chiefs reiterated their pledge against competitive devaluations.
NEW YORK (AFP) - 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.
