The dollar edged lower Monday but rebounded from a one-week low against most of its major rivals, as the Australia and U.K. markets remained closed in observance of the Boxing Day holiday.The dollar, which “rallied from mid-October to early December, has been correcting ever since,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
On Monday, the ICE U.S. Dollar Index DXY, -0.07% a measure of the dollar against a basket of major currencies, was down 0.02% to 97.96, after dropping as low as 97.87, its lowest level in more than a week.
Meanwhile, the Canadian dollar USDCAD, -0.2373% and the Russian ruble USDRUB, +0.0000% dropped, as oil prices pulled back from last week’s rally, weighing on the currencies of countries that are major exporters of the commodity.
The greenback USDJPY, -0.10% was at ¥120.36 after hitting as high as ¥120.55. That compares with ¥120.33 in the late afternoon on Friday in Tokyo.
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