3 January 2005, 09:35  Dollar in broad rally at start 2005, euro down 1 pct

The euro and Swiss frank both fell about 1% and the Japanese yen shed half a percent in Asia on Monday as the dollar rallied broadly in thin trade. Holidays in Japan, Australia, New Zealand and London kept volume low, exaggerating moves, and dealers said there was nothing particular behind the dollar's rise. "It seems to be position-squaring across the board in somewhat thinnish markets. There is no major news or intervention or anything like that," said David Simmonds, markets strategist with the Royal Bank of Scotland. (Reuters)

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