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Location: Investing.com - The dollar edged moderately higher against the other major currencies in subdued trade on Monday, as the greenback continued to recover from the Federal Reserve’s most recent policy statement and no major U.S. economic reports were to be released throughout the day. EUR/USD was steady at 1.1272. The greenback weakened broadly last week after the Federal Reserve said that it is likely to raise interest rates only twice this year – and not four times, as initially estimated. Fed policymakers said the U.S. economy faces risks from an uncertain global economy, although moderate growth and "strong job gains" would allow it to tighten policy this year. The euro came under pressure after European Central Bank Chief Economist Peter Praet said on Friday that euro zone interest rates could go even lower. USD/JPY was little changed at 111.51. Markets in Japan were to remain closed for a national holiday. The dollar was higher against the pound, with GBP/USD down 0.62% at 1.4394 and was steady against the Swiss franc, with USD/CHF at 0.9691. The pound weakened after Ian Duncan Smith, U.K. Secretary of State for Work and Pensions and a big voice in the Conservative party, unexpectedly announced his resignation late Friday over disagreements on a budget he considers to be “deeply unfair”. In a parting statement on Sunday, Duncan Smith explained that his decision was not based on his support for the leave campaign, known as Brexit, with regard to the referendum on Britain’s membership in the European Union (EU) to be held on June 23. He criticized the budget for causing substantial reductions in disability benefits while offering tax cuts for the wealthy. Meanwhile, the Australian dollar was little changed, with AUD/USD at 0.7603, while NZD/USD slid 0.37% to 0.6770. USD/CAD gained 0.48% to trade at 1.3067, after hitting a five-month low of 1.2919 on Friday. The commodity-related loonie came under pressure as oil prices moved back lower on Monday amid concerns over a supply glut after the U.S rig count rose for the first time since December. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% at 95.19, off Friday’s five-month low of 94.61.