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Investing.com - The dollar eased back from six year peaks against the yen and backed off 14-month highs against the euro on Monday, but the greenback still remained broadly supported by expectations for an early U.S. rate hike.
USD/JPY was steady at 109.05, not far from Friday's six-year peak of 109.45.
The dollar remained supported as signs that the economic recovery is making solid progress fuelled expectations that the Fed will hike interest rates sooner than markets are expecting.
Last week, the Fed offered fresh guidance on its plans to raise interest rates, outlining in more detail how it will start to raise short term interest rates when the time comes.
In contrast, the Bank of Japan and the European Central Bank look likely to stick to a loose monetary policy stance amid concerns over patchy economic growth.
EUR/USD edged up 0.13% to 1.2846, slightly recovering from Friday’s lows of 1.2827.
The pound was higher, with GBP/USD rising 0.33% at 1.6339.
The pound rose to two-week highs against the greenback on Friday after voters in Scotland chose to stay in the U.K. by a significant margin in a independence referendum, defying opinion polls which had indicated that the final result would be too close to call.
The pound's rally was short lived however as investors began to turn their attention back towards the Bank of England’s monetary policy stance, with the referendum issue out of the way.
The dollar edged lower against the Swiss franc, with USD/CHF slipping 0.13% to 0.9395, pulling away from recent one-year highs of 0.9433.
The New Zealand and Australian dollars were lower, with NZD/USD down 0.11% to 0.8114 and AUD/USD retreating 0.66% to 0.8871. Meanwhile, USD/CAD gained 0.39% to 1.0994.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, slipped 0.12% to 84.83, still near highs of 84.90, the strongest level since July 2010.
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