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The dollar tumbled to a three-year low versus a basket of currencies on Friday, on track for its largest weekly loss in two years, as bearish factors counterbalanced support the U.S. currency could take from rising Treasury yields.

U.S. debt yields stood near multi-year highs. Two-year note yields reached a 9 ½-year high as bond prices dropped on Federal Reserve officials' signaling that recent volatility in U.S. stocks would not stop them hiking interest rates in March.

The dollar index, which tracks the greenback against a basket of six major rivals, dropped to as low as 88.37, and was poised to lose more than two percent for the week, its largest such loss in two years.

There is no strong consensus yet on what is driving the dollar's persistent weakness, especially in light of rising yields. Some say it simply reflects a return of risk appetite and a shift to higher-yielding currencies, including many emerging market ones.

However, others cite concerns that Washington might pursue a weak dollar strategy as well as talk that foreign central banks may be reallocating their reserves out of the dollar.

There are also worries President Donald Trump's tax reduction and fiscal spending could fuel inflation and erode the value of the dollar.

The euro climbed to $1.2545, its highest since December 2014.

The dollar stood at 106.15 yen, having fallen to as low as 106.015, its weakest level since November 2016.

The Japanese currency showed little reaction to the reappointment of Haruhiko Kuroda as Bank of Japan governor and the nomination of BOJ executive director Masayoshi Amamiya and Waseda University professor Masazumi Wakatabe as deputy governors.

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Oil markets rallied on Monday on the back of a fall in the number of U.S. rigs and as the U.S. economy continued to post solid job gains, which the industry hopes will drive increased fuel demand.

U.S. WTI crude futures stood at $62.10 per barrel, 6 cents or 0.1 percent higher. Brent crude futures stood at $65.58 per barrel, 9 cents or 0.1 percent higher from their last close.

The U.S. economy reported the biggest job growth in over one-and-a-half years in February, with non-farm payrolls surging by 313, 000 jobs in the previous month, according to the Labor Department.

In oil markets, U.S. energy firms in the previous week reduced the number of oil rigs for the first time in almost two months, with drillers reducing four rigs to 796, according to Baker Hughes energy services firm on Friday.

Despite the lower rig count, which is an early indicator of future production, activity continues to be much higher than the same period a year ago, when just 617 rigs were active and majority of analysts anticipate U.S. crude oil production to increase further.

The dollar fell against the yen on Monday, as traders worried that a suspected cronyism scandal in Japan involving the sale of state-owned land could dampen investors' risk appetites.

The name of Japanese Prime Minister Shinzo Abe's wife was removed from documents regarding the suspected cronyism scandal, media said, as pressure mounted on the premier and his ally Finance Minister Taro Aso over a possible cover-up.

Market participants said the political developments in Japan helped temper gains in Japanese equities and lent some support to the yen, which tends to rise in times of economic uncertainty.

The dollar slipped 0.2 percent to 106.62 yen, retreating from a one-week high of 107.05 yen set on Friday following news of higher-than-expected U.S. jobs growth in February.

The euro climbed 0.1 percent to $1.2322, but was still some ways below a near three-week high of $1.2447 set on Wednesday.

The common currency has retreated after European Central Bank President Mario Draghi said on Thursday that regional inflation remained subdued and rising protectionism was a risk.

Gold prices were steady on Monday as the U.S. dollar slipped, with the latest U.S. jobs report easing fears of inflation and quicker pace of U.S. rate hikes.

Spot gold was flat at $1,323.07 per ounce.

U.S. gold futures for April delivery were little changed at $1,323.70 per ounce.

The dollar index against a basket of currencies fell 0.1 percent to 90.038.

Inflation worries faded after U.S. data on Friday showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January.

Money market traders stuck to bets that the U.S. Federal Reserve would raise interest rates three times this year, with only around a one-in-four chance seen for a fourth rate hike in


Inflation concerns generally boost gold, which is seen as a safe-haven against rising prices. Expectations the Fed could hike interest rates to fight inflation make gold less attractive because it is not interest-yielding.

Speculators increased their net long position in gold by 4,178 contracts to 161,812 contracts, Commodity Futures Trading Commission (CFTC) data showed.

Gold miner Newcrest Mining Ltd said its fiscal 2018 guidance would be adversely affected by the closure of its flagship mine following damages to a tailings dam wall.

Among other precious metals, silver dropped 0.1 percent to $16.58 per ounce. Palladium was down 0.1 percent at $994.72 per ounce, while platinum was flat at $964.50 per ounce.