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Dollar Weakens as Fed Official Reinforces Rate Outlook

The dollar was on the backfoot after Chicago Federal Reserve President Charles Evans backed the notion that the U.S. central bank will take a gradual pace in its interest rate increases. The dollar index fell 0.1 percent to 100.35 after slipping as low as 100.02 overnight, its lowest since Feb. 7.

Evans reiterated the central bank's call for two more interest rate hikes in 2017, disappointing dollar bulls that hoped for a quicker pace of increases. The dollar was down 0.1 percent to 112.48 yen after dropping as low as 112.44, its deepest trench since Feb. 28, while market participants in Tokyo returned from a public holiday.

The euro was firm on the day at $1.0741 but remained near the previous week's $1.0782. France's upcoming two-round election on April 23 and May 7 was in focus, as nearly 40 percent of voters claim that they remain undecided on who to support.

Sterling inched up 0.1 percent to $1.2370, but remained near its Monday peak of $1.2436, its highest peak since Feb. 28. British Prime Minister Theresa May announced she will trigger Brexit separation proceedings on March 29.
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