Dollar slips on long prospects of US easy-money policy

NEW YORK: The dollar Monday fell modestly against most major currencies as analysts saw little immediate prospect for tighter US monetary policy.

Near 2100 GMT, the euro rose to $1.3740 from $1.3701 Friday.

The dollar slipped to 103.09 yen from 103.25 of the Japanese currency.

The euro advanced to 141.65 yen from 141.49.

The dollar also retreated against the British pound and the Swiss franc.

Analysts said Friday’s US Department of Labor jobs report for March left the greenback vulnerable to Monday’s drift lower, especially on a quiet day for US economic news.

The March labor report showed the US added 192,000 jobs, which was close to expectations but not good enough to suggest the US Federal Reserve will accelerate the time-table for raising benchmark interest rates.

Friday’s report was “solid but not spectacular,” said Joe Manimbo, senior market analyst at Western Union Business Solutions.

“Until new catalysts arrive, look for more general range-trading for the dollar and major currencies,” Manimbo said.

Kathy Lien, managing director at BK Asset Management, said Wednesday’s release of US Fed minutes from the March meeting is the week’s only major news event for the dollar and is unlikely to alter the outlook significantly.

“While no major US data is scheduled for release this week, the slide in Treasury yields and decline in US equities discouraged investors from buying dollars,” Lien said.

Among other currencies, the pound rose to $1.6603 from $1.6567 Friday.

The dollar dipped to 0.8878 Swiss franc from 0.8919.