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FX round-up: Dollar broadly lower

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Date: Monday 05 May 2008

LONDON (ShareCast) - The dollar declined against a basket of currencies on Monday, following last week’s recovery, as traders digested an unexpectedly upbeat report on the US services sector.

The dollar initially trimmed losses after the report showed non-manufacturing sectors of the US economy expanded in April after three consecutive months of contraction.

However the upbeat report was in contrast to a Federal Reserve survey that said the banking sector remained under pressure from the credit crisis.

Scorching oil prices also out pressure on the greenback on an otherwise thin day of trading with markets in London and Tokyo closed for public holidays.

Sterling fell against the dollar on Friday following downbeat housing data. The price of a house in the UK now costs 0.9% less than it did a year ago following a 1.3% tumble in April, according to the Halifax, the UK's largest mortgage lender.

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