The dollar gained 0.24 percent against the euro this weekend (see the average chart below). Over the past week the dollar is still down 1.26 percent against the common European currency. The dollar also gained 0.62 percent against the yen. The dollar is still down 0.25 percent against the yen this last week.

The Japanese Prime Minster Naoto Kan reiterated his stance against sharp moves in the yen Friday. This morning the prime minister is strongly hinting that the Bank of Japan may intervene to stop the inflation of the yen.

“We will also execute a supplementary expenditure of some 920 billion yen with its focus on immediately effective employment-boosting measures,” Kan said Monday. “We expect the Bank of Japan to continue working closely with the Government and to implement further measures as needed to break the economy free from deflation.”The yen was lower against several currencies today including the Canadian, Australian and Hong Kong dollars.The euro was lower against the pound sterling and the Canadian dollars. The euro was trading at 114.987 yen earlier in the day. The European Central Bank (ECB) set the foreign exchange reference rate at 114.26 yen Monday.