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Dollar down against major currencies
NEW YORK (AP) - The dollar fell against other major currencies Tuesday amid worries over trade troubles between the U.S. and China and persistent concern about the strength of the U.S. economy. The 13-nation euro traded at $1.3424 in late New York trading, up from $1.3360 late Monday. The British pound rose to $1.9716 from $1.9610, while the dollar slipped to 119.12 Japanese yen from 119.30 yen. The dollar had strengthened Monday, boosted by figures showing stronger-than-expected U.S. job growth in March -- tempering expectations for a cut in U.S. interest rates. Lower interest rates, which can be used to boost economic growth, can depress a currency by making some assets denominated in it less attractive to investors. However, data due this week -- including U.S. trade figures -- may be less supportive. On Tuesday, the United States filed two new complaints against China at the World Trade Organization over copyright policy and restrictions on the sale of American movies, music and books. The Chinese Commerce Ministry expressed 'strong dissatisfaction.' 'The fear is that China will retaliate to U.S. action and sell U.S. treasuries or simply not buy more,' analysts at Brown Brothers Harriman said in an e-mail note. But they also noted that such concerns are largely unfounded, because 'China gains nothing by retaliating by selling treasuries (bonds) and driving the dollar down.' Traders now look ahead to corporate earnings season in the U.S. and a meeting later this week in Washington of finance officials from the Group of Seven industrialized economies. In other trading, the dollar bought 1.2181 Swiss francs, down from 1.2264 late Monday, and 1.1475 Canadian dollars, dropping from 1.1529. Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.