1 May 2007, 17:43  The dollar is little-changed early Tuesday in New York

The dollar is little-changed early Tuesday in New York, confined to relatively narrow ranges against its major rivals amid thin holiday trading. With little first-tier data released out of the euro-zone or Japan, there was scant reason for the currency market to show major moves, particularly as many European and Asian markets are closed for the May 1 Labor Day holiday. The euro did however managed to hit yet another high against the yen, jumping to a new record at Y163.31, as well as against the Swiss franc at CHF1.6497. Against the dollar meanwhile, the single currency remained above the $1.36 mark throughout European and Asian trading for the first time in five sessions, and remains relatively close to its all-time high of $1.3682. Still to come is the one major U.S. release of the session - the Institute for Supply Management's April manufacturing index set for release at 10 a.m. EDT (1400 GMT) - which is expected to have climbed marginally to a reading of 51 from 50.9 in March. The data follow a disappointing manufacturing report Monday from the National Association of Purchasing Management-Chicago. Also on the agenda, Federal Reserve Chairman Ben Bernanke is scheduled to speak at 11:00 a.m. EDT (1500 GMT) on the topic of free trade. "The dollar is consolidating versus the majors," Robert Lynch, currency strategist at HSBC said, "and the May Day holiday, which has closed markets in much of continental Europe, is likely to contribute to that bias." Indeed the greenback traded slightly higher against some of its major rivals overnight, with the exception of sterling, which climbed back above the $2.0 mark despite slightly weaker-than-expected manufacturing data out of the U.K.

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