The dollar has taken a breather, giving up much of its recent gains against the yen and euro.

The dollar began forging ahead strongly early last month and hit 126.65 yen in Tokyo on April 2, a level unseen since Oct. 7, 1998. But the uptrend has run out of steam.

After climbing past the 90 cent level in New York late Friday, the euro slid back to 89.83 cents Monday.