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The dollar edged up on Monday, hovering at a three-week high, as it held on to gains after news of a stronger-than-expected increase in U.S. jobs in June scaled back traders' expectations of a sharp Federal Reserve rate cut at the end of July.
Traders await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Tuesday for clues about a rate decrease.
"Foreign-exchange markets started the week on a quiet note, with currencies trading in tight ranges, as traders shifted their focus from Fridays strong U.S. payrolls data to testimony from Federal Reserve Chairman Jerome Powell," said Ellis Phifer, senior market strategist at Raymond James.
Among emerging market currencies, the Turkish lira fell steeply after President Tayyip Erdogan dismissed the central bank governor, sparking worries about the bank's independence.
U.S. non-farm payrolls rebounded in June, rising the most in five months, the Labor Department said on Friday. The solid job gain slashed expectations of a 50 basis point rate cut at the Fed's July 30-31 policy meeting, although modest wage gains and other data showing the U.S. economy was losing steam point to a quarter point rate cut.
The dollar index was up 0.08% at 97.359, which was close to a 3-week high of 97.443 hit on Friday. The greenback's rebound follows a period of weakness as mounting expectations for Fed rate cuts weighed.
The dollar strengthened 0.18% to 108.67 after hitting 108.73, which was the highest since June 11.
The euro was marginally lower at $1.1214 after hitting $1.1208 on Friday. The common currency has been under pressure from dollar strength and weakness in the German industrial sector.
The British pound, which hit a six-month low below $1.25 on Friday after poor economic data and on heightened expectations that the Bank of England will cut interest rates in 2020, fell 0.22% to $1.2508.
Turkey's lira at one point slid to a two-week low of 5.8245 to the dollar and was last down 1.59% at 5.724.
"Some naive market participants might still hope that the new central bank governor will come across as being independent in a statement announced for this week and at least does not cut interest rates right away," Commerzbank analysts said.
"That may be the case but does not change the fact that medium term sensible Turkish monetary policy will not be possible."
In a written statement on Saturday, new governor Murat Uysal said he would implement monetary policy instruments independently with a focus on achieving and maintaining the primary objective of price stability.