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Dollar Lower Ahead of Comments from Fed Speakers

The dollar nursed losses following the Federal Reserve's rate guidance last week which proved to be less “hawkish” than what many had expected. There is limited initial response to the Group of 20 meeting over the weekend, which reiterated familiar words on the topic of currency intervention.

Against a basket of currencies, the dollar was 0.1 percent off at 100.210, having notched five-week lows of 100.140 on Friday in the aftermath of the Fed's rate increase. A holiday in Japan made for soft trading, leaving the greenback a fraction off near two-week lows at 112.58 yen. The euro remained steady at $1.0755, having touched a six-week high of $1.0782 on Friday. Politics remained as the focus for traders with the first televised French presidential debate due later today.

Dealers also prepared themselves for a busy week of Fed comments with no less than nine different policymakers expected to speak, which also includes Chairwoman Janet Yellen on Thursday. Her cautious guidance from last week had investors implying nearly a no chance of another rate hike at the policy meeting in May, growing to almost 50-50 for June.
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