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Dollar Weakening On Light Data Day


The dollar is losing ground against all of its major rivals Monday afternoon. The lack of economic data at the start of the new trading week is keeping some investors on the sidelines.

Traders continue to react to Friday's jobs report for February. The U.S. economy created 313,000 new jobs in February, the biggest gain since mid-2016. However, the 12-month increase in worker pay declined to 2.6% from 2.8%, a sign that wages may not be keeping up with inflation.

The lackluster wage growth may prevent the Federal Reserve from raising interest rates four times in 2018.

The dollar rose to an early high of $1.2290 against the Euro Monday, but has since retreated to around $1.2335.

The buck reached a high of $1.3840 against the pound sterling Monday morning, but has since pulled back to around $1.39.

The greenback climbed to an early high of Y106.972 against the Japanese Yen Monday, but has since dropped to around Y106.360.

Japan's business survey index of large manufacturers weakened notably in the three months ended March, the quarterly survey by the Ministry of Finance and the Cabinet Office showed Monday.

The Business Survey Index, or BSI, dropped 2.9 in the three-month period to March from 9.7 in the previous three months.

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