April 29, 2019 / 7:26 PM / 3 months ago

FOREX -Dollar index slips below 23-month high before Fed, U.S. jobs data

    * Major currencies bounce within tight ranges
    * Investors await Fed meeting, U.S. payrolls data
    * Japan closed all week, China to close Wednesday-Friday
    * Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh

 (Updates market action, adds quote, graphic)
    By Richard Leong
    NEW YORK, April 29 (Reuters) - The dollar fell against a
basket of currencies on Monday, slipping further from a 23-month
high, as traders await more data to convince them whether to add
to their bullish positions in the greenback.
    Most major currencies held in tight ranges on light trading
volume as Japan began its extended Golden Week holiday. China
will observe its Labor Day holiday from Wednesday to Friday.
    A Federal Reserve policy meeting, Brexit negotiations and a
raft of global data including U.S. payrolls could each be the
trigger for big currency swings this week.
    "You have a lot of economic data later this week from around
the world. People are waiting to see if there is a lot of major
shifts," said Chuck Tomes, associate portfolio manager at
Manulife Asset Management in Boston.
    A swathe of manufacturing surveys from Europe and China are
due later this week, along with a first reading on EU GDP. The
U.S. payrolls report on Friday is forecast to show a solid
increase of 185,000 jobs in April, with unemployment at 3.8%.
    In late U.S. trading, an index that tracks the greenback
against the euro, yen, sterling and three other currencies
 was down 0.14% at 97.865. Last week, it reached 98.330,
the highest since May 2017.
    The euro was 0.33% higher at $1.1185, while the
dollar was up 0.19% at 111.72 yen.
    "I expect major currencies to be rangebound in this
environment," said Kristina Hooper, chief global market
strategist at Invesco in New York.
    The dollar index failed to move higher after data that
showed U.S. consumer spending gaining 0.9% in March, marking its
biggest monthly increase in more than 9-1/2 years.
    The core personal consumption expenditure price index, on
the other hand, did not change in March, leaving its
year-over-year increase at 1.6%, the smallest rise in 14 months.
    Traders await clues on the Fed's global economic outlook as
the central bank's policymaking board meets on Tuesday and
    Analysts do not anticipate any major changes from Fed
officials who signaled last month they would not raise interest
rates in 2019.
    Since the Fed's March meeting, U.S. economic data has shown
expansion has continued despite some slowing since late 2018.
Last Friday, the government said first-quarter gross domestic
product grew at a 3.2% pace, a figure bolstered largely by a
surge in inventories and exports.
    Speculators raised their long dollar positions to $37.21
billion last week, the highest level since December 2015,
according to U.S. Commodity Futures Trading Commission data
released late Friday.
    Currency bid prices at 3:17PM (1917 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
 Euro/Dollar      EUR=        $1.1185        $1.1148     +0.33%         -2.48%      +1.1188     +1.1142
 Dollar/Yen       JPY=        111.7000       111.5800    +0.11%         +1.31%      +111.8900   +111.5400
 Euro/Yen         EURJPY=     125.00         124.43      +0.46%         -0.97%      +125.0900   +124.4300
 Dollar/Swiss     CHF=        1.0194         1.0195      -0.01%         +3.87%      +1.0215     +1.0186
 Sterling/Dollar  GBP=        1.2934         1.2917      +0.13%         +1.39%      +1.2946     +1.2906
 Dollar/Canadian  CAD=        1.3443         1.3453      -0.07%         -1.42%      +1.3479     +1.3440
 Australian/Doll  AUD=        0.7058         0.7039      +0.27%         +0.13%      +0.7060     +0.7032
 Euro/Swiss       EURCHF=     1.1401         1.1363      +0.33%         +1.31%      +1.1409     +1.1362
 Euro/Sterling    EURGBP=     0.8645         0.8631      +0.16%         -3.77%      +0.8648     +0.8621
 NZ               NZD=        0.6668         0.6659      +0.14%         -0.73%      +0.6680     +0.6655
 Dollar/Norway    NOK=        8.6531         8.6795      -0.30%         +0.17%      +8.6966     +8.6529
 Euro/Norway      EURNOK=     9.6793         9.6843      -0.05%         -2.29%      +9.6982     +9.6764
 Dollar/Sweden    SEK=        9.5081         9.5122      +0.25%         +6.07%      +9.5279     +9.4961
 Euro/Sweden      EURSEK=     10.6364        10.6100     +0.25%         +3.63%      +10.6408    +10.5996

 (Additional reporting by Tom Finn, Saikat Chatterjee in London
and Wayne Cole in Sydney
Editing by Andrea Ricci and Sonya Hepinstall)
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