Dollar slips ahead of Fed meeting, euro gains Kiwi the big mover...

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    • Dollar slips ahead of Fed meeting, euro gains
    • Kiwi the big mover after jobs data fuel rate cut bets
    • Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh

    (Updates market action, changes dateline, previous LONDON)

    The dollar fell against a basket of other currencies on Wednesday as a disappointing report on manufacturing activity rekindled worries about the U.S. economy, which is track for its longest expansion on record this summer.

    Most currencies traded within tight ranges, although the New Zealand dollar fell after weak jobs data raised expectations of a central bank rate cut.

    Traders scaled back their exposure to the greenback before the end of the Federal Reserve's two-day policy meeting.

    Trading was thin in much of Asia and Europe in observance of the May Day holiday.

    "It's a combination of a thin markets and people waiting on what the Fed does," said Chris Gaffney, president of world markets at TIAA Bank in St. Louis.

    The Fed meeting comes after strong U.S. economic data last month pushed the dollar to a two-year high.

    Hopes about the U.S. economy picking up from a deceleration in late 2018 faded a bit on Wednesday as the Institute for Supply Management said its closely watched barometer on the U.S. factory sector deteriorated to a 2-1/2 year low in April.

    The surprise downturn in manufacturing activity was offset by a report from ADP that U.S. companies added 275,000 workers last month, the most in nine months.

    "It's a slowdown in manufacturing, but the U.S. economy is moving forward," Gaffney said.

    At 11:03 a.m. (1503 GMT), the index that tracks the dollar against a basket of currencies =USD was 0.213% lower at 97.3.

    It neared two-year peak last week, rising 0.36% in April.

    Some of the dollar's gains last month came against the euro, the result of growing concerns about a slowdown in the euro zone's economy.

    However, relatively strong economic growth data in the euro zone on Tuesday prompted some short covering from hedge funds that have been betting against the single currency, lifting the euro above $1.12.

    The euro EUR=EBS added to those gains on Wednesday, hitting a one-week high at 1.1248. It was last up 0.26% at $1.1245.

    The day's big mover was the New Zealand dollar, which fell half a percent after data showed employment unexpectedly fell in the March quarter, although the jobless rate dropped to 4.2 percent.

    Markets responded by betting that a rate cut was more likely. The Reserve Bank of New Zealand, which holds a policy meeting next week, has already said its next move was likely to be down.

    The kiwi NZD=D3 recovered from earlier lows and was last down 0.34% at $0.6652.

    ======================================================== 
    	Currency bid prices at 11:01AM (1501 GMT) 
    
     Description	  RIC		 Last		   U.S. Close  Pct Change	 YTD Pct	 High Bid	Low Bid 
    											  Previous				   Change				  
    											  Session											
     Euro/Dollar	  EUR=		$1.1237		$1.1215	 +0.20%		 -2.02%	  +1.1248	 +1.1212 
     Dollar/Yen	   JPY=		111.1500	   111.4100	-0.23%		 +0.81%	  +111.5400   +111.1400 
     Euro/Yen		 EURJPY=	 124.99		 125.01	  -0.02%		 -0.97%	  +125.2200   +124.9800 
     Dollar/Swiss	 CHF=		1.0147		 1.0190	  -0.42%		 +3.39%	  +1.0198	 +1.0138 
     Sterling/Dollar  GBP=		1.3080		 1.3031	  +0.38%		 +2.53%	  +1.3087	 +1.3031 
     Dollar/Canadian  CAD=		1.3418		 1.3386	  +0.24%		 -1.61%	  +1.3419	 +1.3377 
     Australian/Doll  AUD=		0.7039		 0.7048	  -0.13%		 -0.14%	  +0.7061	 +0.7035 
     ar																							  
    
     Euro/Swiss	   EURCHF=	 1.1407		 1.1428	  -0.18%		 +1.36%	  +1.1439	 +1.1398 
     Euro/Sterling	EURGBP=	 0.8589		 0.8605	  -0.19%		 -4.40%	  +0.8607	 +0.8587 
     NZ			   NZD=		0.6650		 0.6673	  -0.34%		 -1.00%	  +0.6678	 +0.6637 
     Dollar/Dollar																				   
    
     Dollar/Norway	NOK=		8.6443		 8.6277	  +0.19%		 +0.06%	  +8.6545	 +8.6209 
     Euro/Norway	  EURNOK=	 9.7151		 9.6789	  +0.37%		 -1.93%	  +9.7265	 +9.6705 
     Dollar/Sweden	SEK=		9.5085		 9.4900	  +0.36%		 +6.08%	  +9.5194	 +9.4888 
     Euro/Sweden	  EURSEK=	 10.6860		10.6480	 +0.36%		 +4.11%	  +10.6938	+10.6427 
    	 
    	<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
    New Zealand dollar vs U.S. dollar	http//tmsnrt.rs/2DIskBF 
    
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