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Dollar Struggles

Dollar StrugglesDollar Struggles

The dollar churned narrowly against chief rivals Monday, trying to extend its late-week bounce from a nearly 15-month low after largely upbeat US hiring data out Friday was seen clearing the way for the Federal Reserve to gradually tighten policy, MarketWatch reported. The ICE Dollar Index DXY, +0.03% which measures the currency against six major rivals, was at 93.40, little changed. The dollar gauge squeezed out a narrow gain for last week thanks to Friday’s performance, its biggest one-day gain of the year. That ended a three-week streak of declines. The buck still remains sharply lower for the year, down more than 8%. The WSJ Dollar Index BUXX, +0.03% which compares the US unit to a broader basket of 16 rivals, moved up 0.2% to 86.33 on Monday, after its performance Friday was the strongest since the middle of January, according to Dow Jones data. The late-week turnaround for the greenback came after the closely watched nonfarm payrolls report showed 209,000 new jobs were added to the US economy in July, beating estimates of a 175,000 reading.

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