NEW YORK: The euro rebounded against the dollar Monday after sharp losses last week, while the yen also pushed higher after Japan's economy minister said it may have fallen far enough.
At 2100 GMT, the euro was at $1.2884 compared to $1.2834 late Friday.
The dollar fell to 102.26 yen from 103.19, while the euro moved to 131.76 yen from 132.44.
The dollar mostly traded in a narrow range in the absence of fresh economic data and in anticipation of Wednesday's testimony on the economy by Federal Reserve Chairman Ben Bernanke and the release, the same day, of minutes from the Fed's last policy meeting.
The yen's push higher came after Economy Minister Akira Amari suggested that further weakening of the yen could be harmful after a long, steady fall from last year.
"It's being said that the correction of the strong yen is largely completed. If the yen keeps on weakening a lot more, it will have a negative impact on peoples' lives," he said.
"The comments from Mr. Amari suggest the government appears to be satisfied at the levels achieved by the yen at present," said analysts at FXstreet.com.
Some traders used Amari's comments as "an excuse to take profits after the dollar breached 103 yen," said Daisaku Ueno, senior forex strategist at Mitsubishi UFJ Morgan Stanley.
The British pound also pulled back, rising to $1.5258 from $1.5176. And the dollar slipped to 0.9667 Swiss francs from 0.9716 francs.
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