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* Major currencies hold in narrow ranges
* Investors are waiting for the Fed meeting, data on inflation and jobs in the United States.
* Japan closed all week, China closed Wednesday-Friday
* Chart: Global exchange rates in 2019 tmsnrt.rs/2egbfVh (Add context, quote)
By Tom Finn and Saikat Chatterjee
LONDON, April 29 (Reuters) – The dollar's rise weakened on Monday, as strong US statistics contributed little to the currency's rise or investor sentiment that the slowdown in activity is over.
The greenback was traded in a narrow range as Japan began a week-long vacation, usually a period of low liquidity that could trigger spikes in volatility.
A meeting on Federal Reserve policy, Brexit negotiations and a global data set, including US core inflation and payroll, could trigger a sharp currency swings this week.
All eyes are on the Fed to see what its policymakers have done with the first quarter gross domestic product report, which showed strong growth of 3.2%, but mainly for exceptional reasons, including a rise in stocks.
"This is not the week in which we plan to acquire significant positions in the foreign exchange market in an attempt to take advantage of the impact of one or more economic events in the market," said Stephen Gallo , European Head of FX Strategy at BMO Capital Markets. London.
"Nevertheless, our irresistible and strongly held bias continues to buy the US dollar down compared to most other G10 countries."
The long cumulative dollar position climbed to $ 33.6 billion on Monday, its highest level since December 2015, according to the Scotiabank weekly report CFTC. The euro remains the biggest net held short.
Against a basket of currencies, the dollar weakened slightly to 97.970, after peaking at nearly two years of 98.330.
The dollar receded Friday despite the optimistic GDP report due to the marked slowdown in core inflation, which prompted speculators to reduce their chances of getting a rate cut this year.
Most other major central banks have also moved into the dovish in recent months, keeping their currencies moderate.
The Canadian dollar and the Swedish krona, for example, were hit last week when their central banks halted future rate hikes.
The European Central Bank is forced to maintain its stimulus measures, if not to conduct a new round, while markets are considering rate cuts for Australia and New Zealand as a result of the weakness of the European Central Bank. 39; inflation.
Some fear that the lack of liquidity will lead to a re-run of the dollar's flash crash from January, when the yen made huge gains in minutes, with bears being forced to cover their short positions.
The euro was firmer at 1.117 dollar, but not far from a nearly two-year low of 1.101 dollar. The euro has fallen sharply since early January.
A series of surveys on the manufacturing industry of Europe and China are expected later this week, as well as a first reading on the EU's GDP. The report on payroll in the US released Friday is expected to post a solid increase of 180,000 in April, with an unemployment rate of 3.8%.
Additional report by Wayne Cole in Sydney, edited by Peter
Graff and Ed Osmond
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