The dollar slipped against most currencies, as traders locked in profits following last week's gains on strong U.S. economic data.

The greenback fell versus the yen and euro, and retreated against the U.K. pound. But market watchers said the U.S. currency was still in rally mode, with Friday's better-than-expected nonfarm payrolls number suggesting that a strengthening economic recovery will lead the Federal Reserve to begin unwinding its $85 billion bond-buying stimulus program before the end of the year.

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