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Dollar Mostly Subdued Against Major Currencies

The U.S. dollar stayed mostly subdued against most major currencies on Monday, after having scored some gains last week.

With most of the markets across Europe shut for Easter Monday holiday, volumes are relatively thin today.

The dollar index eased to a low of 97.26 and was last seen at 97.29, down 0.19% from previous close. The index had surged to a 2-week high of 97.48 last week.

After the U.S., aiming to toughen its sanctions on Iran, said it will no longer exempt five countries Japan, India, South Korea, China and Turkey from U.S. sanctions if they continue to import oil from Iran from May 2, currencies of Canada and Russia saw some notably upside today.

The Canadian loonie gained about 0.33% at 1.3349, a four-day high, rallying from 1.3391.

Against the Euro, the dollar was down 0.13% at 1.1259 and against Pound Sterling, it was gained about 0.05% at 1.2982.

The Japanese yen was down marginally at with a dollar fetching 111.94 yen. The Russian rouble hit a one-month high against the greenback.

The U.S. Secretary of State Mike Pompeo announced today that the country will not extend waivers to buy Iranian crude oil for five countries Turkey, India, China, South Korea and Japan when those waivers expire early next month.

U.S. President Donald Trump's tweet that output from Saudi Arabia and other OPEC members will "more than make up the oil flow difference in our Full Sanctions on Iranian Oil" failed to any significantly halt oil's rise today.

In U.S. economic news today, a report released by the National Association of Realtors showed existing home sales in the country plunged by 4.9% to an annual rate of 5.21 million in March after soaring by 11.2% to a revised rate of 5.48 million in February.

Economists had expected existing home sales to tumble by 3.8% to a rate of 5.30 million from the 5.51 million originally reported for the previous month. Compared to March 2018, existing home sales were down 5.4%.

The Commerce Department's report on new home sales for March, is due on Tuesday. New home sales are expected to drop to an annual rate of 650,000 in March after jumping to a rate of 667,000 in February.

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