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FOREX-Dollar dips slightly as investors wait on the sidelines

    * Dollar index edges down
    * U.S. CPI and ECB meeting on Thursday in focus
    * Graphic: World FX rates tmsnrt.rs/2RBWI5E

 (Updates prices, adds comment, Changes byline, previous
dateline London)
    By Sinéad Carew
    NEW YORK, June 7 (Reuters) - The dollar edged lower on
Monday as investors looked ahead to European and U.S. central
bank meetings and U.S. inflation data after Friday's
lower-than-expected jobs data. 
    Friday's U.S. jobs data had put pressure on the dollar as
investors bet that jobs growth was not strong enough to raise
expectations for the U.S. Federal Reserve to tighten its
monetary policy.
    There was little movement in major currency pairs and the
S&P 500 was modestly lower without U.S. economic data to help
give it direction on Monday. {.N]
    The dollar index was down 0.1% while the euro was up
slightly against the dollar, at $1.2177.
    "At this point it looks like the market really wants to be
short dollars. To us it suggests there's a risk chasing this
move. It's a crowded position. You've already got a sizeable
chunk of the market that's net short U.S. dollars so if feels
like we need a shakeout of those positions," said Bipan Rai,
North America head of FX strategy at CIBC Capital Markets.
    While Rai said there was "some risk the dollar will rally"
he noted that investors are waiting for Federal Reserve's
meeting next week. 
    The foreign exchange market sees no reason for the Fed to
change its monetary policy, "so we’ve still got accommodative
monetary policy in the United States," said Kit Juckes, head of
FX strategy at Societe Generale. 
    Market participants will also be looking at U.S. inflation
data and the European Central Bank meeting, both on Thursday.

    Dovish rhetoric from ECB policymakers suggests the bank is
in no hurry to slow the pace of buying under the 1.85 trillion
euro ($2.24 trillion) Pandemic Emergency Purchase Programme
(PEPP).
    Speculators decreased their net short dollar positions in
the latest week, according to calculations by Reuters and U.S.
Commodity Futures Trading Commission data released on Friday.

    Currency investors seemed to shrug off news that the United
States, Britain and other rich nations reached a deal on
Saturday to squeeze more money out of multinational companies
such as Amazon and Google and reduce their
incentive to shift profits to low-tax offshore havens.

    "It was expected they'd come to some kind of agreement,"
said CIBC's Rai, but he said investors were likely wary of
making bets as "The road is long and has lots of risks."
    The Australian dollar, which is seen as a proxy for risk
appetite, was up 0.18% versus the U.S. dollar at 0.776.
    In cryptocurrencies, bitcoin was up 0.7% around $36,041
, while ether was up 2.6% at $2,780. 

    ========================================================
    Currency bid prices at 10:19AM (1419 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct       High Bid    Low Bid
                                              Previous                   Change                   
                                              Session                                             
 Dollar index                 90.0350        90.1420     -0.10%         0.060%        +90.3020    +90.0150
 Euro/Dollar                  $1.2177        $1.2167     +0.08%         +0.00%        +$1.2182    +$1.2145
 Dollar/Yen                   109.2200       109.5350    -0.29%         +0.00%        +109.6350   +109.1900
 Euro/Yen                     133.00         133.26      -0.20%         +4.79%        +133.3800   +132.8900
 Dollar/Swiss                 0.8981         0.8991      -0.12%         +0.00%        +0.9010     +0.8977
 Sterling/Dollar              $1.4165        $1.4164     +0.01%         +0.00%        +$1.4181    +$1.4112
 Dollar/Canadian              1.2081         1.2074      +0.06%         +0.00%        +1.2106     +1.2066
 Aussie/Dollar                $0.7755        $0.7742     +0.18%         +0.00%        +$0.7765    +$0.7727
 Euro/Swiss                   1.0936         1.0938      -0.02%         +1.19%        +1.0948     +1.0931
 Euro/Sterling                0.8595         0.8590      +0.06%         -3.83%        +0.8612     +0.8579
 NZ                           $0.7229        $0.7212     +0.26%         +0.00%        +$0.7239    +$0.7194
 Dollar/Dollar                                                                                    
 Dollar/Norway                8.2820         8.3030      -0.26%         +0.00%        +8.3260     +8.2605
 Euro/Norway                  10.0840        10.1020     -0.18%         -3.66%        +10.1158    +10.0420
 Dollar/Sweden                8.2637         8.2613      -0.01%         +0.00%        +8.2943     +8.2578
 Euro/Sweden                  10.0621        10.0634     -0.01%         -0.14%        +10.0905    +10.0470
 
    

    
 (Additional reporting by Elizabeth Howcroft; editing by Emelia
Sithole-Matarise and Timothy Heritage)
  
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