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The dollar "can remain supported this week if the U.S. CPI for March remains solid as we expect," analysts at Commonwealth Bank of Australia said. "In the absence of a clear message from the Fedspeak, markets have focused on the optics of recent data, in which three consecutive payroll surprises and two CPI surprises have made it very difficult for investors to discuss a cooler economy and rate cuts," analysts at Morgan Stanley wrote on the weekend.
The euro was down 0.09% at $1.0825. The Japanese yen weakened 0.06% versus the greenback to 151.70 per dollar, while sterling was last trading at $1.2615, down 0.17% on the day. Westpac analysts said the scenario of "a less dovish Fed contrasting with a more dovish RBNZ" could potentially push the currency to November lows around $0.59.
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