Zlatko Glamuzina, chief currency dealer at the Banco di Sicilia in New York, said dollar trading was quiet and uneventful with most of the buying and selling interest focused on the mark and the yen.
"It was a war between the bulls and the bears," said Zlatko Glamuzina, chief currency dealer of Banco di Sicilia in New York.
Zlatko Glamuzina, chief dealer at the New York office of Banco di Sicilia, said reports that the Fed sold small amounts of dollars added to the tension of an already nervous market after Friday's sharp decline.
Zlatko Glamuzina, chief dealer at Banco di Sicilia in New York, said the EMS needed "fine-tuning" from time to time.
Zlatko Glamuzina, chief currency dealer at the New York office of Banco di Sicilia, said the dollar benefited from improvements in the stock and bond markets and rising oil prices.
With demand for the pound up, foreign traders sold their currencies to buy sterling, and that made the dollar more valuable against those currencies, explained Zlatko Glamuzina, chief dealer at the New York office of Banco di Sicilia.