Dollar falls, Fed's McDonough says it's overvalued

US - The dollar slid more than half a cent against the euro and more than 2/3 of a yen Tuesday after New York Federal Reserve President William McDonough said the dollar may be "a little" overvalued.

At 9:22 a.m. (1422 GMT), the U.S. currency tumbled off a near 2-week high versus the single currency to trade just below 88 cents . Against the Japanese yen, it fell as far as 132.29 yen before recovering slightly to 132.50 , off more than 0.60 percent from the previous U.S. close.

At a meeting of

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