The dollar on Monday, November 28, slipped against the yen and lost ground against other currencies as caution swept markets ahead of a busy week for economic data and events, Marketwatch reports.
The greenback dropped nearly 1% against the yen in Asian trading hours, though was off the lows in morning trade in New York.
The U.S currency has rallied sharply in November, accelerating gains after Donald Trump’s presidential election victory.
The ICE dollar index DXY, +0.05% a measure of the currency against six major rivals, is up more than 3% month-to-date after hitting a 13-year high last week.
The U.S. currency USDJPY, -0.75% was changing hands at ¥112.38, after sliding as low as ¥111.35 earlier in Tokyo’s morning session, compared with ¥113.20 late Friday in New York.
The dollar also slipped against other currencies in Asia including the Chinese yuan USDCNY, -0.2037% and the Singapore dollar, though the move against the yen was the sharpest.
The euro EURUSD, -0.0944% was at $1.0596 from $1.0575 late Friday. The WSJ Dollar Index BUXX, -0.21% a measure of the U.S. dollar against a wide basket of major currencies, was down 0.3% at 91.58.
The ICE U.S. Dollar Index was off by 0.1% to 101.37, paring a sharp decline earlier. The dollar has staged a strong rally on expectations that the Trump administration will boost fiscal spending and lower taxes in a move that could accelerate inflationary pressure.
Analysts said a round of minor consolidation in the dollar may be over and that it is likely to trade sideways throughout the week.
