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Dollar falls vs yen; NZ dollar drops on dairy woes

The dollar fell for a second session against the yen on Monday after Friday's U.S. jobs figures lowered expectations that the Federal Reserve would start to buy fewer bonds in the near term. But losses were limited after data showing an acceleration in the pace of growth in the U.S. services sector in July, which added to views that economic growth will pick up in the latter half of the year. The dollar fell nearly 0.8 percent to 98.19 yen.

The day's big mover was the New Zealand dollar, which tumbled to a one-year low against the U.S. dollar after New Zealand's major dairy exporter, Fonterra, said it had found bacteria in some of its products that could cause botulism. China halted the import of some dairy products from New Zealand and Australia in response. The New Zealand dollar was last down 0.2 percent at $0.7816.

The euro slipped 0.2 percent to $1.3253, stuck below chart resistance around $1.33 and last week's peak of $1.3344. Euro-zone business expanded for the first time in 18 months in July, albeit very slightly, data showed on Monday. Retail sales in the euro zone, however, fell across the board for the first time in three months in June, highlighting the drag of depressed household spending on the bloc's fragile recovery.

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