The greenback had softened, especially against the yen, after Federal Reserve Chair Jerome Powell said on Friday it was time to start cutting back asset purchases, though not yet time to begin raising interest rates.
On Monday, the dollar was firm at $1.1643 per euro and found a footing on the yen at 113.54 after Friday's slide. The Australian and New Zealand dollars were held below the multi-month peaks they had scaled during last week. Sterling was up 0.1% at $1.3772, but analysts were cautious about further gains especially as the Fed edges closer to tapering and policy tightening. The Aussie was steady at $0.7473 and the kiwi at $0.7157.
" members are slowly conceding that inflation risks are skewed to the upside the upshot is that interest rate markets can continue to price a more aggressive Fed Funds rate hike cycle which can support the dollar."
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