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Dollar slips on long easy-money prospects

New York - The dollar on Monday fell modestly against most major currencies as analysts saw little immediate prospect for tighter US monetary policy.

Near 23:00 the euro rose to $1.3740 from $1.3701 on Friday.

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

The euro advanced to ¥141.65 from ¥141.49.

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

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

The March labour 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 on Friday.

The dollar dipped to 0.8878 Swiss franc from 0.8919.

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