1st LD Writethru: U.S. dollar drops after sharp rise

The U.S. dollar dipped against other major currencies on Monday after soaring sharply in the previous session.

The market cooled down Monday over concerns that the greenback had been too strong. The dollar index, which measures the greenback against six other major peers, slipped 1.06 percent in late trading. On Friday, the index went up 0.92 percent, as the closely-watched U.S. nonfarm payroll report came out much better than expected.

U.S. total nonfarm payroll employment increased by 280,000 in May, well above market consensus of 220,000, the U.S. Labor Department reported last Friday.

Analysts said the positive jobs data showed sound recovery of U. S. labor market, triggering market expectations that the Federal Reserve may raise interest rates in September this year.

Meanwhile, investors kept an eye on Greece debt crisis. Greece reviewed Monday the debt deal proposal tabled with international lenders last week, ahead of the new scheduled meeting between European leaders on Wednesday.

Last Friday, Athens failed to repay a 300-million-euro (333 million U.S. dollars) loan installment to the International Monetary Fund and requested a delay in the repayment.

In late New York trading, the euro rose to 1.1276 dollars from 1.1119 dollars in the previous session, and the British pound climbed to 1.5334 dollars from 1.5274 dollars. The Australian dollar went up to 0.7696 dollar from 0.7616 dollar.

The U.S. dollar bought 124.61 Japanese yen, lower than 125.62 yen on Friday. The greenback dropped to 0.9293 Swiss franc from 0. 9396 Swiss franc, and decreased to 1.2408 Canadian dollars from 1. 2445 Canadian dollars. Endite