Dollar slightly lower in light trading ahead of report on US service sector

Dollar dips ahead of report on US service sector

NEW YORK — The dollar was slightly lower in thin morning trading Monday as many markets remained closed for the Easter holiday.

The 16-nation euro dipped to $1.3486 from $1.3487 late Friday, while the British pound rose to $1.5263 from $1.5198. The dollar slipped to 94.45 Japanese yen from 94.54 yen.

The U.S. currency also fell to 1.0055 Canadian dollars from 1.0106 Canadian dollars and edged down to 1.0618 Swiss francs from 1.0623 francs.

Many Asian markets including China and most European makets were closed Monday for an extended Easter holiday. The Japanese and U.S. markets were open, however.

The dollar has been gaining steadily this year as debt concerns hit Europe and the recovery in the U.S. economy strengthens.

The Institute for Supply Managment is expected to report that the service sector, which supplies most U.S. jobs, grew at the fastest pace since 2007.