Dollar advances against euro and yen

The dollar pushed back the euro and yen today because dealers believed that the recent sell-off in the US unit had been overdone, analysts said.

The Japanese unit tumbled to new 17-month lows as the dollar flexed its muscles to break above the 117-yen threshold for the first time since July 1999, climbing as high as 117.19 yen.

But the yen later bounced back to leave the US currency buying 116.37 yen from 116.16 yen in late Asian trade.

The single European currency also lost ground against the US currency, with one euro trading for 0.9416 dollars from 0.9439 dollars in late New York dealing.

AFP