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Dollar near one-month low on bets for later Fed taper
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TOKYO – The dollar languished near a one-month low versus major peers on Monday, as investors pushed back expectations for when the Federal Reserve will begin tapering its massive stimulus.
The dollar index, which measures the currency against six rivals, edged 0.05% higher to 92.155, after dipping to 91.941 for the first time since Aug. 4 on Friday, when a closely watched U.S. labor report came out much weaker than expected.
The euro was flat at $1.18775 after matching the highest level since June 29 at $1.1909 at the end of last week. The single currency has been supported by expectations the European Central Bank, which meets Thursday, is close to tapering its own stimulus program.
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The greenback edged 0.1% higher to 109.79 yen, still meandering in the middle of its trading range of the past two months.
U.S. nonfarm payrolls increased by just 235,000 in August, compared with a 728,000 median forecast by economists in a Reuters poll, as a resurgence in COVID-19 infections weighed on demand at restaurants and hotels, and stalling hiring.